New Delhi: Plant-based speciality products company Sanstar Ltd on Monday said it has fixed a price band of Rs90 to 95 a share for its Rs510-crore Initial Public Offering (IPO).

The initial share sale will open for public subscription on July 19 and conclude on July 23, the Ahmedabad-based company announced. The IPO is a combination of a fresh issue of 4.18 crore shares and an Offer For Sale (OFS) of 1.19 crore shares by selling shareholders.

At the upper end of the price band, the IPO size is pegged at Rs510.15 crore. Proceeds from the fresh issue to the tune of Rs181.55 crore will be utilised to fund the capital expenditure requirement for the expansion of the company’s Dhule facility, Rs100 crore for debt payment and a portion will also be used for general corporate purposes.