 "initial public offerings")
Automotive component manufacturer Divgi TorqTransfer Systems on Monday said it has fixed a price band of Rs 560-590 a share for its Rs 412-crore initial public offering (IPO).
The initial share-sale will be open for public subscription during March 1-3. The bidding for anchor investors will open on February 28.
The IPO comprises fresh issue of equity shares worth Rs 180 crore and an offer-for-sale (OFS) of 39.34 lakh shares by investors and other selling shareholders, the company said.
As part of the OFS, Oman India Joint Investment Fund II, NRJN Family Trust, Bharat Bhalchandra Divgi, Sanjay Bhalchandra Divgi, Ashish Anant Divgi, Arun Ramdas Idgunji and Kishore Mangesh Kalbag will offload shares.
At the upper-end of the price, the IPO is expected to fetch a little over Rs 412 crore.
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Proceeds from the fresh issue will be used towards funding capital expenditure requirements for the purchase of equipment for its manufacturing facilities and general corporate purposes.
About 75 per cent of the issue has been reserved for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Investors can bid for a minimum of 25 equity shares and in multiples thereof.
Divgi is an automotive component entity which has the capability to develop and provide system-level transfer case, torque coupler, and Dual Clutch Automatic Transmission (DCT) solutions. It has three manufacturing and assembling facilities located across India.
Mahindra & Mahindra, Tata Motors and Toyota Kirloskar Auto Parts are among the company's customers.
Inga Ventures and Equirus Capital are the book running lead managers to the issue. The equity shares of the company will be listed on March 14 on the BSE and NSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
