You are here: Home » PTI Stories » National » News
Business Standard

Prince Pipes and Fittings gets Sebi's go ahead for IPO

Press Trust of India  |  New Delhi 

Prince Pipes and Fittings has received Sebi's go ahead to raise an estimated Rs 800 crore through an initial public offering, latest update with market regulator showed.

The firm had filed draft papers with in September and obtained its "observations" on November 3, which is very necessary for any company to launch a public offer.

Going by the draft papers, Prince Pipes and Fittings' public issue comprises fresh issue of worth up to Rs 500 crore besides an offer for sale by the company's promoters -- Jayant Shamji Chheda, Tarla Jayant Chheda, Parag Jayant Chheda and Vipul Jayant Chheda.

As per the merchant sources, the company's initial public offer (IPO) is expected to garner Rs 800 crore.

Proceeds from the issue will be utilised for payment of certain outstanding loans; financing the project cost towards establishment of a new manufacturing facility; upgradation of equipment at manufacturing facilities; and general corporate purposes.

Institutional Securities Ltd and Edelweiss Financial Services Ltd are the book running lead managers to the issue.

Prince Pipes and Fittings Ltd, a leading polymer pipes and fittings manufacturers in India, has five manufacturing facilities -- two in Dadra and Nagar Haveli and one each in Haridwar, Chennai and Kolhapur.

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

First Published: Mon, November 06 2017. 17:57 IST