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Milltec Machinery files IPO papers with Sebi; Multiples PE to divest stake

Business Finance

Press Trust of India  |  New Delhi 

Agro-processing equipment maker Milltec Machinery has filed draft papers with markets regulator Sebi to raise an estimated Rs 500 crore through an initial public offering.

The initial public offer (IPO) will see sale of up to 37,51,499 equity shares, amounting to 37.5 per cent stake in the company, by Renuka Ramnath-led private equity firm Multiples Alternate Asset Management (Multiples PE) and promoters, draft papers filed with Sebi showed.

Multiples PE will sell 22.5 per cent, while promoter will divest 15 per cent holding in the company.

According to merchant banking sources, the public issue is expected to fetch Rs 500 crore.

Through the IPO, the company looks to achieve the benefits of listing the shares on stock exchanges and facilitate the sale of shares by the shareholders.

Motilal Oswal Investment Advisors and IIFL Holdings will manage the company's public issue.

As on March 31, 2018, the company's net worth was Rs 105.5 crore.

Milltec is a leading agro-processing equipment manufacturer in the country, with sales and distribution network in India and overseas. Its portfolio includes equipment to facilitate the processing of rice, pulses, wheat, seeds, and maize.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 02 2018. 14:00 IST