Craftsman Automation to originate IPO on March 15, rate band mounted at Rs 1,488-1,490

Craftsman Automation will utilise win contemporary grief funds for debt reimbursement, while the provide for sale money will rush to selling shareholders.

March 09, 2021 / 09: 42 AM IST

Diverse engineering firm, Craftsman Automation will originate its initial public offering (IPO) on March 15. The value band for the the same has been mounted at Rs 1,488-1,490 per share, essentially based completely on media reports.

The IPO consists of a up to date grief of Rs 150 crore and a proposal for sale of 45,21,450 fairness shares by existing shareholders.

Promoter Srinivasan Ravi will promote 1,30,640 fairness shares, and traders Marina III (Singapore) Pte Dinky and Worldwide Finance Corporation will divest 15,59,260 fairness shares and 14,14,050 fairness shares, respectively, via provide for sale (OFS) route. Person shareholder Okay Gomatheswaran can even promote 14,17,500 fairness shares via OFS.

The firm will utilise win contemporary grief funds for debt reimbursement. The grief will terminate on March 17.

Merchants can set aside in bids for a minimal of 10 fairness shares and in multiples of 10 thereafter, which interprets to minimal lot dimension value Rs 14,900.

Axis Capital and IIFL Securities are the e book working lead managers to the grief.

Craftsman Automation is a a bunch of engineering firm with vertically-constructed-in manufacturing capabilities. It's a ways engaged in three substitute segments - powertrain and other merchandise for the car section; aluminium merchandise for the car section; and industrial and engineering merchandise section.

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The firm acknowledged it turn into as soon as the greatest participant wrathful by the machining of cylinder blocks and cylinder heads within the intermediate, medium and heavy commercial vehicles section apart from within the building tools substitute in India.

Integrated in 1986, Craftsman has long-period of time relationships with several marquee home and global customary tools manufacturers and component manufacturers all via three substitute segments, in conjunction with Daimler India, Tata Motors, Tata Cummins, Mahindra & Mahindra, Simpson & Co, TAFE Motors and Tractors, Escorts, Ashok Leyland, Perkins, Mitsubishi Heavy Industries, TVS Motor, Royal Enfield, John Deere and JCB India.

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It owns and operates 12 strategically positioned manufacturing facilities all via seven cities in India, with a total constructed up situation of over 1.5 million sq. feet.

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