Eswari Global Metal Industries has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise about Rs 1,100-1,300 crore through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 500 crore and an offer-for-sale (OFS) of up to 1.32 crore equity shares by promoters and another selling shareholder.
Proceeds from the fresh issue will include Rs 150 crore to part-finance capital expenditure towards the Phase-II expansion of its manufacturing facility at Mundra in Gujarat, Rs 250 crore for payment of debt, with the remaining funds to be used for general corporate purposes. DAM Capital Advisors, ICICI Securities and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
Eswari Global Metal Industries is an integrated multi-metal and waste recycling and value-added manufacturing company engaged in recycling non-ferrous metals, plastics and e-waste.
