Mangal Electrical Industries has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 450 crore through an initial public offering (IPO). The IPO of the Jaipur-based company is completely a fresh issue of shares with no Offer For Sale (OFS) component.
The proceeds from the fresh issue to the tune of Rs 122 crore will be used for funding working capital requirements of the company, Rs 120 crore for expanding the facility at Sikar, Rajasthan along with civil works at head office in Jaipur, Rajasthan, to increase storage capacity and Rs 96 crore for payment of debt, and general corporate purposes. Systematix Corporate Services is the sole book-running lead manager to the issue.
Mangal Electrical Industries is a processor of transformer components, transformer lamination, amorphous cores, coil assemblies and core assemblies, wound core, toroidal core, and oil-immersed circuit breakers.
