Silver Consumer Electricals (SCEL) has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 1,400 crore through an initial public offering (IPO). The IPO comprises a fresh issue of shares worth Rs 1,000 crore and an Offer for Sale (OFS) valued at Rs 400 crore.
Of the fresh issuance amount, the company will use Rs 865 crore to repay or prepay its borrowings and Rs 35 crore to clear the borrowings of its subsidiary, BAPL, and the rest for general corporate purposes. Motilal Oswal Investment Advisors, ICICI Securities, JM Financial and Choice Capital Advisors have been appointed as lead managers to manage the public issue.
The Rajkot-headquartered SCEL is a large-scale manufacturer of electrical consumer durables, including pumps and motors, solar pumps and controllers, fans, lighting, other consumer electrical products and agricultural equipment.
