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Yes Securities Report
IPO proceeds largely earmarked for growth capex –
As per DRHP, ~64% of fresh issue will go for capacity expansion (Rs 9.3 billion or ~30%), research and development spends (Rs 7.5 billion or ~24%) and marketing step-up (Rs 3 billion or ~10%) and balance for debt repayment (Rs 3.8 billion or ~12%).
Company to set up greenfield of 1 million units in MH with first phase of 0.5m SOP by March 2027.
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