Comments
Mumbai-based Polycab India (PIL), a company backed by International Finance Corporation (IFC), has filed a draft red herring prospectus (DRHP) for an initial public offering with SEBI. Polycab intends to use the funds for working capital requirements and general corporate purposes.
According to sources close to the development, the company was looking to raise about ₹2,000 crore through the IPO. IFC holds a 15 per cent stake in PIL.
The IPO comprises a fresh issue of up to ₹500 crore and an offer-for-sale (OFS) of up to 2.5 crore by promoters, according to the DRHP. The company, however, did not disclose the amount it was planning to raise.
The company proposes to use about ₹100 crore of the net proceeds for scheduled repayment of certain borrowings and ₹300 crore as working capital, while a part has been earmarked for general corporate purposes. Following the IPO, the firm will list its shares on the BSE and the NSE.
Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India, and Edelweiss Financial Services are the global co-ordinators and book running lead managers to the issue.
IIFL Holdings and YES Securities (India) are the book running lead managers.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.