Pioneer Fil-Med gets SEBI`s nod to raise funds via IPO
Pioneer Fil-Med has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The company’s proposed Rs 500 crore IPO comprises a fresh issue of equity shares worth Rs 250 crore and an Offer for Sale (OFS) of shares worth Rs 250 crore. The OFS will comprise stake sales by promoter Pioneer Facor IT Infradevelopers and promoter group entity Aztech India, with each proposing to sell shares worth up to Rs 125 crore.
The company plans to utilise the proceeds from the fresh issue towards partly financing the establishment of a gearbox manufacturing facility and a wind generator components manufacturing facility at Salarpur in Bhiwadi, Rajasthan, besides meeting general corporate purposes.
Pioneer Fil-Med commenced operations in 1997 with the manufacture and supply of filters for railway and automotive applications and have since diversified into the manufacture and supply of traction motors, alternators, brake discs, gangways, stators and rotors for locomotives, platform screen doors for metros, wind generators and allied services.
