New Delhi: City-based Pajson Agro India on Thursday said it has received in-principle approval from BSE Ltd to raise funds through an initial public offering in the SME category.

The initial public offer (IPO) is entirely a fresh issue of a little over 63.09 lakh shares with a face value of Rs 10 each, according to the draft red herring prospectus (DRHP).

The net proceeds of Rs 57 crore from the fresh issue will be used to set up a second cashew processing facility in Vizianagaram, Andhra Pradesh, and for general corporate purposes.

Incorporated in 2021, Pajson Agro India is engaged in processing raw cashew nuts into kernels for domestic and international markets.

The company offers various grades of cashew nuts, processed and packaged in both bulk and consumer retail packs, and market

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