Azad Engineering files DRHP with SEBI to raise ₹740 crore via IPO; check details
₹740 crore through an initial public offering (IPO). The company's IPO comprises a fresh issue of up to ₹240 crore and an offer-for-sale (OFS) of equity shares aggregating up to ₹500 crore by a promoter and investors, according to the draft papers.
The OFS consists of the sale of equity shares aggregating up to ₹170 crore by promoter Rakesh Chopdar, equity shares worth up to ₹280 crore by Piramal Structured Credit Opportunities Fund and equity shares to the tune of up to ₹50 crore by DMI Finance. Also Read: Dee Development Engineers files DRHP with SEBI to raise funds via IPO; check details Proceeds from the fresh issues will be utilized for funding capital expenditure of the company, payment of debt, and general corporate purposes, according to the draft papers.
Axis Capital, ICICI Securities, SBI Capital Markets, and Anand Rathi Advisors are the book-running lead managers to the issue. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! Azad Engineering is one of the key manufacturers of their qualified product lines supplying global original equipment manufacturers (OEMs) in the aerospace and defence, energy, and oil and gas industries, manufacturing highly engineered, complex, and mission and life-critical components.
The company manufactures complex and highly engineered precision forged and machined components that are mission and life-critical. Earlier this year, it was reported that cricket legend Sachin Tendulkar had invested in Azad Engineering in an undisclosed strategic deal.
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