Mehta Hitech Industries has got the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The company’s proposed public issue comprises a fresh issuance of up to 62 lakh equity shares, according to the draft papers.
The company proposes to utilize the net proceeds towards funding capital expenditure requirements for civil construction work and towards purchase of equipment, plant and machinery for setting up new manufacturing facility at Sanand GIDC, Ahmedabad District, Gujarat. The company will also use the proceeds for funding long-term working capital requirements of the company, and general corporate purposes. Shares of the company are proposed to be listed on the BSE and the NSE.
Mehta Hitech Industries is a manufacturer of Co2 laser equipment, fiber laser equipment, CNC routers and digital printers. Co2 laser equipment contains Co2 laser engraving, cutting machine and marking machines. Fiber laser equipment includes fiber laser cutting machine, laser marking machine and welding machine.
