Sandhar Tech seeks SEBI’s approval to raise Rs 300 cr via IPO
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30 Sep 2015
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Automotive components firm Sandhar Technologies has said that it has sought approval from market regulator Sebi to raise Rs 300 crore from an initial share sale, said the media reports. As per reports, the funds generated from the initial public offer (IPO) will be used for setting up a new manufacturing facility at Hosur in Tamil Nadu, among others things. The IPO consists of a fresh issue of equity shares aggregating up to Rs 3,000 million and will offer a sale of up to 51.15 lakh shares by GTI Capital Beta Pvt Ltd at a face value of Rs 10 each. The IPO price band will be decided later. The net proceeds from the issue will be utilised for the establishment of a new manufacturing facility at Hosur, Tamil Nadu, repayment/pre-payment of certain borrowings and general corporate purposes. ICICI Securities, IDFC Securities, IIFL Holdings and Jefferies India are the book running lead managers, while Link Intime India is the registrar to the issue. Sandhar Technologies Automotive is an OEM component supplier promoted by Jayant Davar, with manufacturing plants in India, Spain, Poland and Mexico. |
| Source: Dion Global Type: IPO Related |
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