Craftsman Automation has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 43,83,320 shares by promoters.
The company, which filed the draft red herring prospectus with the SEBI in June, got the regulator’s approval on August 24. The funds will be utilized towards funding the repayment/pre-payment, in full or part, of certain borrowings and for general corporate purposes. ICICI Securities, IIFL Holdings and SBI Capital Markets are the book running lead managers to the issue.
The company is a leading engineering organization engaged in the manufacturing of precious components, where the quality is at the heart of every aspect of each component that it makes at the benchmark of reliability.
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