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Wire and cable maker Polycab India files IPO papers with Sebi

Proceeds of the issue will be used for scheduled repayment of certain borrowings

Press Trust of India  |  Mumbai 

IPO
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Wire and cable maker India has filed draft papers with markets regulator to float an

The company’s IPO comprises fresh issuance of shares worth ~5 billion, besides an offer for sale of 24.9 million shares by promoters and existing shareholder International Finance Corp (IFC), according to a draft red herring prospectus (DRHP) filed with on Tuesday.

IFC will sell 10.6 million shares through the offer for sale (OFS) route.

Proceeds of the issue will be used for scheduled repayment of certain borrowings availed by the company, to fund incremental working capital requirements of the firm, and for general corporate purposes.

Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, IIFL Holdings and YES Securities will manage the share sale.

First Published: Wed, October 31 2018. 23:43 IST
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