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Sandhar Technologies files draft papers for Rs 300-cr IPO to repay loan

The company intends to use a portion of the net proceeds to prepay/repay certain loan facilities and for general corporate purposes

Press Trust of India  |  New Delhi 

IPO

Auto component manufacturer has filed draft papers with capital regulator Sebi to raise Rs 300 crore through an initial public offer.

The comprises a fresh issue of equity shares worth Rs 300 crore and an offer for sale of 80 lakh scrips by GTI Capital Beta Pvt Ltd, according to the draft red herring prospectus (DRHP) filed with Sebi.


The company intends to use a portion of the net proceeds to prepay/repay certain loan facilities and for general corporate purposes.

"Our company intends to utilise an amount of up to Rs 225 crore from the net proceeds towards the same," the draft papers said.

The papers further said, "such repayment will help reduce our outstanding indebtedness and debt servicing costs, and enable utilisation of our internal accruals for further investment in our growth strategies. We believe this would improve our ability to raise further resources in the future to fund potential business developments opportunities".

ICICI Securities and Axis Capital will manage the company's Initial Public Offer (IPO). The equity shares are proposed to be listed on BSE and NSE.

Automotive is an OEM component supplier with manufacturing plants in India, Spain, Poland and Mexico.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, December 08 2017. 15:43 IST
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