Auto component maker Sandhar Technologies has received capital markets regulator Sebi's go- ahead to float an initial public offer.
The company had filed draft papers with Sebi in December last year and obtained "observations" from the regulator on March 1, as per the latest information with the markets watchdog.
Sebi's "observations" are required for companies to launch public issues like initial public offer (IPO) and rights issue.
Going by the draft papers, Sandhar's IPO comprises a fresh issue of equity shares worth Rs 300 crore and an offer for sale of 80 lakh scrips by GTI Capital Beta Pvt Ltd.
The company plans to use a portion of the net proceeds towards repayment of certain loan facilities and for other general corporate purposes.
ICICI Securities and Axis Capital will manage the company's IPO. The equity shares are proposed to be listed on BSE and NSE.
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