NEW DELHI: Auto factor maker Sona BLW Precision Forgings (Sona Comstar) has got capital markets regulator Sebi's approval to enhance Rs 6,000 crore thru an preliminary fragment sale.
The IPO contains a fund-enhance by strategy of contemporary project amounting to Rs 300 crore and an supply within the marketplace aggregating up to Rs 5,700 crore by promoting shareholder Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Neighborhood Inc, based fully on draft crimson herring prospectus.
Sona Comstar, which filed preliminary IPO papers in February, purchased Sebi's observation on Might perhaps presumably moreover 6, an update with the markets regulator showed on Monday.
Sebi's observation is serious for any firm to originate public concerns contend with preliminary public supply (IPO), apply on public supply (FPO) and rights project.
The Blackstone promoted firm intends to utilise the proceeds from the contemporary project to repay/prepay Rs 225 crore of its borrowings and for identical outdated company functions.
The firm is into designing, manufacturing and supplying extremely engineered serious automotive systems and formulation akin to differential assemblies, differential gears, ragged and micro-hybrid starter motors, BSG systems, EV traction motors and motor retain an eye on units.
It presents formulation to automotive OEMs across the US, Europe, India and China, for both electrified and non-electrified powertrain segments and is no longer dependent on a single product, automobile section, customer or geography.
The firm is moreover one in every of the two largest exporters of starter motors from the nation besides being the largest producer of differential gears for passenger vehicles, business vehicles and tractors in India.
A pair of of its key OEM clients consist of a worldwide OEM of EVs, a North American passenger automobile and business automobile maker,
, Daimler, Escorts, Mahindra & Mahindra, Mahindra Electrical, Maruti Suzuki, Renault Nissan, Volvo and Volvo Eicher.
Kotak Mahindra Capital Company, Credit Suisse Securities, JP Morgan India, JM Monetary and Nomura Monetary Advisory and Securities are the book running lead managers (BRLM) of the project.
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