Sandhar Technologies 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 a fresh issue of equity shares worth Rs 300 crore and an offer for sale of 80 lakh scrips by GTI Capital Beta. 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 December, got the regulator’s approval on March 1. The net proceeds from the issue will be utilised for repayment of certain loan facilities and for other general corporate purposes. ICICI Securities and Axis Capital will manage the issue.
Sandhar Technologies was incorporated in 1987 as a Sheet Metal product supplier to Hero Honda and has steadily diversified into Automotive Mirrors, Handles, Zinc & aluminium PDC, Plastic Injection moulding, Dies & Moulds, Wheel Rims, Handle Bars, Clutches, Operator Cabins and Automotive Electronics.
