Sandhar Tech gets SEBI nod for IPO

Highlights

Automotive components firm Sandhar Technologies has received market regulator SEBI’s approval to raise at least Rs 300 crore from an initial public offering.

New Delhi : 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 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 IPO consists 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.

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