Precision Camshafts files draft papers with Sebi for IPO

Auto component maker Precision Camshafts has filed draft papers with capital markets regulator Sebi to float an initial public offer (IPO).
The proposed IPO comprises a fresh issue of equity shares worth Rs 240 crore and an offer for sale of up to 86.40 lakh equity shares, as per the draft red herring prospectus (DRHP) filed with Sebi.
Proceed of the issue will be utilised for establishing a machine shop for ductile iron camshafts at the company's export oriented unit in Solapur, Maharashtra and for other general corporate purposes.
Maharashtra-based Precision Camshafts over 150 varieties of camshafts for the small and mid-sized passenger vehicle engines world over.

The company plans to get listed on NSE and BSE.
The IPO consists of "a fresh issue... Of equity shares by our company aggregating up to Rs 2,400 million and an offer for sale of up to 8,640,000 equity shares by the selling shareholders," Precision Camshafts said.
SBI Capital Markets Ltd, HDFC Bank Ltd and India Infoline Ltd are the book running lead managers to the issue.