MTR Foods IPO, June 11 -- Orkla India, which markets its products under our brands MTR and Eastern, filed its draft red herring prospectus with the market regulator Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).

The proposed IPO by Orkla India is entirely an offer for sale (OFS) of up to 2.28 crore shares by the promoter and other selling shareholders of the company. Orkla Asia Pacific Pte, Navas Meeran and Feroz Meeran are among the shareholders offloading stake via the OFS.

Given the OFS nature of the Orkla IPO, the entire proceeds will go to the selling shareholders, and the company will not receive anything.

Under the Orkla India IPO, 50% of the offer is reserved for qualified ins...