New Delhi, Dec 8 (PTI) Auto component manufacturerSandhar Technologies has filed draft papers with capitalmarkets regulator Sebi to raise Rs 300 crore through aninitial public offer.
The IPO comprises a fresh issue of equity shares worth Rs300 crore and an offer for sale of 80 lakh scrips by GTICapital Beta Pvt Ltd, according to the draft red herringprospectus (DRHP) filed with Sebi.
The company intends to use a portion of the net proceedsto prepay/repay certain loan facilities and for generalcorporate purposes.
"Our company intends to utilise an amount of up to Rs 225crore from the net proceeds towards the same," the draftpapers said.
The IPO papers further said, "such repayment will helpreduce our outstanding indebtedness and debt servicing costs,and enable utilisation of our internal accruals for furtherinvestment in our growth strategies. We believe this wouldimprove our ability to raise further resources in the futureto fund potential business developments opportunities".
ICICI Securities and Axis Capital will manage thecompany's Initial Public Offer (IPO). The equity shares areproposed to be listed on BSE and NSE.
Sandhar Technologies Automotive is an OEM componentsupplier with manufacturing plants in India, Spain, Poland andMexico. PTI DRRANU.
This is unedited, unformatted feed from the Press Trust of India wire.