story continues below>>
The IPO is part of the plans to part fund the company's Rs 800─crore expansion plan.
The balance amount for the expansion will be raised through a mix of internal accruals, debt and private placement of equity. The company will offload around 30 per cent equity to meet the fund requirements. It is in talks with private equity players for this purpose. The company will submit the draft offer document to the Securities and Exchange Board of India in a couple of months. It has roped in Edelweiss as one of the lead managers for the IPO.