Neolite ZKW Lightings gets SEBI`s approval for Rs 600 crore IPO
Neolite ZKW Lightings has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 600 crore through an initial public offering (IPO). The proposed IPO comprises a fresh issue of shares aggregating up to Rs 400 crore along with an offer for sale (OFS) of shares valued Rs 200 crore by promoters and a shareholder.
The company will use proceeds from the fresh issue for setting up a new manufacturing facility at Kancheepuram, Tamil Nadu; purchasing plant and machinery, electronic expansion at existing manufacturing facilities; payment of debt and general corporate purposes. Anand Rathi Advisors and Systematix Corporate Services are the book-running lead managers to the issue. The shares of the company are proposed to be listed on BSE and NSE.
