Coimbatore-based Eswari Global Metal Industries Limited files DHRP for IPO
Coimbatore-based Eswari Global Metal Industries Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The IPO, with a face value of Rs 2, is a fresh issue up to Rs 500 crore and an offer-for-sale up to 13,209,451 shares by promoters – C Bharanikumar, Pradeep Chandrasekaran, Prasath Chandrasekaran, Sabarinathan Anbalagan, Hari Sudhan A, Nithin Arumugam, P Anbalagan, and P Arumugam. Other Selling Shareholder is Palaniappan Ramalingam. The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to Rs 100 crore. The pre-IPO placement if completed, the fresh issue size will be reduced. The proceeds from its fresh issue worth Rs 150 crore will be utilised for part-financing the capital expenditure requirements of the company towards expansion of phase 2 of its manufacturing facility situated at Mundra, Gujarat, Rs 250 crore for...