 "EPC firm Lumino Industries files draft papers with Sebi for Rs 1,000 cr IPO")
Lumino Industries, an EPC company specialising in conductors, power cables, and power EPC projects, has filed its draft red herring prospectus (DRHP) with SEBI to raise Rs 1,000 crore through an initial public offering (IPO).
The IPO comprises a mix of a fresh issue of shares worth Rs 600 crore and an offer-for-sale (OFS) of Rs 400 crore by promoters.
A portion of the offer will be reserved for the eligible employees under the employee reservation portion.
In addition, the Kolkata-based company, in consultation with the book-running lead managers (BRLMs), may consider a pre-IPO placement of equity shares aggregating up to Rs 120 crore.
The company will use Rs 420 crore proceeds from the fresh issue to reduce borrowing.
Only a meagre amount of Rs 15 crore will go for capex while the rest will be used for general corporate purposes.
The IPO will carry a face value of Rs 5 per equity share.
(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.)
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