NEW DELHI: (Jun 30) Eco-friendly paper manufacturer Silverton Industries has filed draft papers with markets regulator Sebi seeking its approval to garner funds through an initial public offering (IPO).

The proposed IPO is a combination of fresh issuance of shares worth Rs 300 crore, and an offer-for-sale of 3.22 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Friday.

Proceeds from the fresh issue to the tune of Rs 129.4 crore would be used towards capital expenditure for sustainability initiatives at the existing manufacturing facility, such as the installation of a 14 MW waste-to-energy captive power plant and a compressed bio gas plant.