NEW DELHI: Auto element maker Craftsman Automation on Friday raised slightly over Rs 247 crore from anchor traders forward of its preliminary share-sale, which is able to open for public subscription on Monday. The corporate’s IPO committee in session with service provider bankers has determined to allocate a complete of 16,58,447 shares at Rs 1,490 to 21 anchor traders, aggregating to Rs 247.10 crore, a BSE round confirmed.The anchor traders embody HSBC International Funding Funds, Tata Mutual Fund (MF), Aditya Birla Sunlife MF, The Nomura Belief and Banking Co Ltd, Max Life Insurance coverage Co Ltd and Built-in Core Methods Asia Pte Ltd.
The preliminary public provide (IPO) includes a recent problem of fairness shares aggregating as much as Rs 150 crore and a proposal on the market of as much as 45,21,450 shares by the promoter and present shareholders.
These offloading shares within the offer-for-sale are Srinivasan Ravi, Ok Gomatheswaran, Marina III (Singapore) Pte Ltd and Worldwide Finance Company (IFC).
At present, IFC and Marina maintain 14.06 per cent and 15.50 per cent stake, respectively, within the firm. Moreover, Srinivasan Ravi owns a 52.83 per cent stake and Ok Gomatheswaran has a 7.04 per cent holding.
The IPO is anticipated to fetch Rs 824 crore on the higher finish of the value band.
The corporate has fastened a worth band of Rs 1,488-1,490 a share for its IPO, which is able to open for public subscription on March 15 and shut on March 17.
Half of the problem has been reserved for certified institutional patrons, 35 per cent for retail traders and 15 per cent for non-institutional bidders.
Internet proceeds of the problem shall be utilised for compensation or pre-payment of sure borrowings availed of by the corporate and for normal company functions.
As well as, the corporate expects to obtain the advantages of itemizing the fairness shares on the inventory exchanges.
Axis Capital and IIFL Securities have been appointed as book-running lead managers to the problem. Shares of the corporate are proposed to be listed on BSE and NSE.
Earlier, the auto element maker had filed draft papers with Sebi in June 2018 and had obtained the regulator’s clearance for launching the IPO.
Nonetheless, the corporate could not launch the preliminary share-sale on account of unfavourable market situation, market specialists mentioned.
Headquartered in Coimbatore, the corporate has satellite tv for pc models throughout India specifically Pune, Faridabad, Pithampur, Jamshedpur, Bengaluru, Sriperumbudur and Chennai.
