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The IPO will comprise fresh issue of equity shares aggregating up to Rs 200 crore and an offer for sale (OFS) of up to 31,46,802 equity shares by investors and other selling shareholders, according to the draft red herring prospectus (DRHP).
As part of the OFS, Oman India Joint Investment Fund II, Nrjn Family Trust, Bharat Bhachandra Divgi, Sanjay Bhalchandra Divgi, Ashish Anant Divgi, Arun Ramdas Idgunji and Kishore Mangesh Kalbag will offload shares.
Proceeds from the fresh issue will be used towards funding capital expenditure requirements for the purchase of equipment for its manufacturing facilities and general corporate purposes.
Divgi is an automotive component entity which has the capability to develop and provide system level transfer case, torque coupler, and Dual Clutch Automatic Transmission (DCT) solutions. It has three manufacturing and assembling facilities located across India.
Mahindra & Mahindra, Tata Motors and Toyota Kirloskar Auto Parts are among the company's customers.
Inga Ventures and Equirus Capital are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
(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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First Published: Thu, September 22 2022. 18:13 IST