Published on 14/06/2018 5:14:46 PM | Source: Dion Global Solutions Ltd

Craftsman Automation files IPO papers with Sebi

Posted in IPO Top News| #SEBI #IPO

Auto component maker Craftsman Automation has filed draft papers with markets regulator Sebi for its Initial Public Offering (IPO), reported PTI. The IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 43,83,320 shares of Craftsman Automation by promoters, as per the DRHP filed with Securities and Exchange Board of India (Sebi). The promoters offloading the stakes include Srinivasan Ravi (2.10 lakh shares), Marina III (SINGAPORE) (over 15.59 lakh), IFC (14.14 lakh ) and K Gomatheswaran (up to 12 lakh ).

The company proposes to utilise the funds towards funding the repayment/pre-payment, in full or part, of certain borrowings and for general corporate purposes. The shares offered through the IPO are proposed to be listed on stock exchanges and the company has received 'in-principle' approval from BSE and NSE for the listing. International Finance Corporation (IFC) and Marina presently hold 14.06 per cent and 15.50 per cent stake, respectively, in the company. Besides, Srinivasan Ravi holds 52.83 per cent stake and K Gomatheswaran (7.04 per cent).

There is a reservation of equity shares worth Rs 5 crore for subscription by eligible employees, constituting 5 per cent of the post offer paid up share capital of the company. ICICI Securities, IIFL Holdings and SBI Capital Markets are the book running lead managers to the issue. Headquartered in Coimbatore, the company has satellite units across India namely Pune, Faridabad, Pithampur, Jamshedpur, Bangalore, Sriperumbudur and Chennai with a total built up area of over 1,00,000 square meters.