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Dixon Tech files IPO papers with Sebi to raise Rs 650 cr

Press Trust of India  |  New Delhi 

Dixon Technologies, a consumer electronics and lighting product manufacturer, today filed draft papers with market regulator to raise an estimated Rs 600-650 crore through initial public offering.

The public issue comprises fresh issue of worth Rs 60 crore and an offer for sale of up to 3,753,739 equity scrips by the existing shareholders, Dixon Technologies said in a statement.

According to sources, the company is targeting to raise Rs 660-650 crore through the initial public offering.

Proceeds from the issue will be utilised for setting up a unit for manufacturing of LED TVs at the Tirupati facility, enhancement of backward integration capabilities in the lighting products vertical at Dehradun facility and upgradation of the infrastructure.

Besides, the funds will also be used for repayment of loans and for general corporate purposes.

Bank, IIFL Holdings, Motilal Oswal Investment Advisors and Yes Securities are the book running lead managers to the issue.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 19 2017. 17:28 IST