Salasar Techno Engineering has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The public offer will comprise 33.21 lakh equity shares of face value of Rs 10 each fully paid for cash at a price of Rs 108 per equity share aggregating Rs 35.86 crore. The company’s shares are proposed to be listed on the BSE and NSE.
The company, which filed the draft red herring prospectus with the SEBI in February, got the regulator’s approval on May 16. The net proceeds from the issue will be utilised for meeting working capital requirements and general corporate purposes. The book running lead manager to the issue is Sarthi Capital Advisors.
Rajasthan-based Salasar Techno Engineering provides customised steel fabrication and infrastructure solutions for telecommunication towers, transmission towers and substation structures and solar module mounting structures.
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