Automotive components firm Sandhar Technologies has received market regulator SEBI’s approval to raise at least Rs 300 crore from an initial public offering.
The company had filed the draft red herring prospectus (DRHP) with SEBI on September 29, seeking permission for an IPO.
The SEBI has cleared the proposed initial share sale and gave its final observations on the IPO on December 21.
The initial public offer (IPO) consists of fresh issue of equity shares aggregating up to Rs 300 crore and offer for sale of up to 51.15 lakh shares by GTI Capital Beta at a face value of Rs 10 each.
The funds garnered from the IPO will be used for setting up a new manufacturing facility at Hosur in Tamil Nadu, repayment/pre-payment, in full or part, of certain borrowings and general corporate purposes.
ICICI Securities, IDFC Securities, IIFL Holdings and Jefferies India are the book running lead managers.
Promoted by Jayant Davar, Sandhar Technologies Automotive is an OEM component supplier with manufacturing plants in India, Spain, Poland and Mexico.
The shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).