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Shivalik Engineering gets SEBI's nod to float IPO

19 Sep 2024 Evaluate

Shivalik Engineering Industries has received the Securities and Exchange Board of India’s (SEBI's) approval to float an initial public offering (IPO). The IPO is a mix of fresh issue of shares worth Rs 335 crore and an offer for sale of up to 41.3 lakh equity shares by promoters and other shareholders.

The company intends to utilise the net proceeds from the fresh issuance to the extent of Rs 179.24 crore for setting up a solar plant, Rs 50 crore for expansion of existing foundry capacity by setting up a new foundry line, besides a portion of funds will be used for general corporate purpose. Axis Capital and IIFL Securities are the book-running lead managers to the issue. 

Shivalik Engineering Industries began its operations in 2007 with a focus on manufacturing casting components, including high-quality metal parts for various sectors like automotive, agriculture, railways, and off-highway industries.


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