Sonaselection India has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company’s IPO will comprise a fresh issue of 1.43 crore equity shares with no offer for sale (OFS) component.
Proceeds of the IPO to the tune of Rs 80 crore will be used for debt payment, Rs 47.55 crore for purchase of plant and machinery at the company's manufacturing facility and a portion will be used for general corporate purposes.
Sonaselection India is an integrated fabric manufacturing and processing company, with its core operations housed at its manufacturing facility at Bhilwara, Rajasthan.
