Manpasand Beverages QIP issue opened today

Fruit drink manufacturer - Manapasand Beverages today commenced it public issue of Qualified Institutional Placement (QIP) on Indian stock exchanges. 

The issue of equity shares of the company is at face value of Rs 10 each for an aggregrate amount not exceeding Rs 500 crore including premium to the qualified insitutional buyers (QIP). 

In respect of the issue, the floor price has been fixed at Rs 716.09 per share. 

The company may offer discount of not more than 5% on the decided floor price. 

Motilal Oswal Investment Advisors will act as book running lead manager (BLRM) of this QIP. Also an escrow agreement with BLRM and ICICI Bank - which is an escrow agent, was approved by board of directors to open an escrow account in the name and style of 'Manpasand Beverages QIP - Escrow Account."

An escrow agreement defines the arrangement by which one party deposits an asset with a third person (called an escrow agent), who, in turn, makes delivery to another party if and when the specified conditions of the contract are met.

Total revenue of Manpasand Beverages increased by Rs 205.6 crore or 57.11% from Rs 360.1 crore in fiscal 2015 tp Rs 565.8 crore in fiscal 2016,  on account of increase in sales of our products.