Azad Engineering has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise as much as Rs 740 crore through an initial public offering (IPO).
Proceeds from the fresh issues will be used for funding capital expenditure of the company, payment of debt, and general corporate purposes. Axis Capital, ICICI Securities, SBI Capital Markets, and Anand Rathi Advisors are the book-running lead managers to the issue.
Azad Engineering is one of the key manufacturers of their qualified product lines supplying global original equipment manufacturers (OEMs) in the aerospace and defence, energy, and oil and gas industries, manufacturing highly engineered, complex, and mission and life-critical components.
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