Kolkata, Apr 1 (PTI) Kolkata-based Ganesh Consumer Products Ltd, a key player in packaged food products in eastern India, on Tuesday received SEBI's nod to launch its initial public offering (IPO), officials said.

The IPO comprises a fresh issue of equity shares worth up to Rs 130 crore and an offer-for-sale (OFS) of up to 12.44 million shares by promoter and investor-selling shareholders.

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The company may also undertake a pre-IPO placement of up to Rs 26 crore. If completed, the fresh issue size will be reduced accordingly, officials said.

The company plans to use the net proceeds from the fresh issue for prepayment or repayment of outstanding borrowings to the tune of Rs 50 crore, capital expenditure for setting up a roasted gram flour and gram flour manufacturing unit in Darjeeling, and general corporate purposes.

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Established in 1936, the company offers 42 products across staples, spices, ethnic snacks, and emerging food categories As of September 30, 2024.

It has a distribution network covering over 70,000 retail outlets, modern trade stores, and e-commerce platforms. It operates seven manufacturing facilities across West Bengal, Uttar Pradesh, and Telangana.

The company reported profit for FY24 at Rs 26.99 crore.

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