 "IPO")
Precision Camshafts today fixed the price band between Rs 180-186 per share for its initial public offer (IPO) which will hit the capital market on January 27.
The IPO, which closes on January 29, would be made through a fresh issue aggregating upto Rs 240 crore and an offer for sale of up to 91,50,000 equity shares of Rs 10 each.
"The company has fixed the price band between Rs 180 to Rs 186 per share. The object of the net proceeds of the fresh issue are establishment of a machine shop for ductile iron camshafts at the export oriented unit (EOU) in Solapur, Maharashtra at a cost of Rs 200 crore and for other general corporate purposes," the company's Chairman and Managing Director Yatin Shah told reporters here.
Maharashtra-based Precision Camshafts makes over 150 varieties of camshafts for small and mid-sized passenger vehicle engines world over.
Meanwhile, the company also proposes to set up two new machine shops at Solapur, for ductile iron camshafts and assembled camshafts respectively, by fiscal 2017 and fiscal 2018.
SBI Capital Markets, HDFC Bank and India Infoline are the book running lead managers to the issue.
