Craftsman Automation IPO opens on March 15

Hyderabad: CRAFTSMAN Automation, a diversified engineering company, has announced the issue of initial public offer (IPO) of Rs 824 crore. The issue of the IPO opens on March 15 and closes on March 17, 2021. The price band of the IPO has been fixed at Rs 1,488 to Rs 1,490 per equity share. The bid lot will be minimum of 10 equity shares and in multiples of 10 shares thereafter.

IPO comprises a fresh issue aggregating up to Rs 150 crore and an offer for sale of up to 4,521,450 equity shares. The offered shares by existing shareholders are 130,640 shares by Srinivasan Ravi, 1,417,500 by K Gomatheswaran, 1,559,260 shares by Marina III (Singapore) PTE, 1,414,050 shares by International Finance Corporation.Axis Capital and IIFL securities are the book running lead managers to the issue. The equity shares will be listed at both BSE and NSE.

The company with vertically integrated manufacturing capabilities is engaged in three business segments - powertrain and other products for the automotive segment; aluminium products for the automotive segment; industrial and engineering products segment. "The company proposes to utilize the net proceeds which are being raised through the issue towards repayment of certain borrowings availed to the extent of Rs 120 crore and for general corporate purpose for the balance portion," said Srinivasan Ravi, Chairman and Managing Director, Craftsman Automation.