Chennai-based manufacturer of battery-operated electric vehicles, Kabirdass Motor Company Limited on Thursday said it had received Securities and Exchange Board of India (Sebi) approval for its proposed public issue, which is likely in a couple of months. The company is planning to raise up to Rs 67 crore.
KMCL plans to use the proceeds for the expansion of its existing facilities and for manufacturing of spare parts of electric scooters. This would help the company reduce the cost and realise better margins. Additional assembly lines would also be set up, increasing the installed capacity from 40,500 units to 200,000 units. Keynote Corporate Services Ltd and Canara Bank are the book-running lead managers.
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