Aequs raises Rs 144 cr in in pre-IPO round

New Delhi: Aequs Ltd, a contract manufacturing company for consumer durable goods and aerospace parts, has raised around Rs 144 crore from SBI Funds Management, DSP India Fund and Think India Opportunities Fund as a part of a pre-IPO funding round.

With this funding round, the fresh issue in the IPO will now be reduced to around Rs 576 crore, down from the earlier plan of Rs 720 crore. As part of the transaction, Aequs has allotted 11,615,713 equity shares, amounting to 1.88 per cent stake, to two entities of SBI Funds Management, one each of DSP India Fund and Think Opportunities Master Fund, according to its public announcement on Tuesday.

The shares were allotted at a price of Rs 123.97 apiece, as part of a pre-IPO placement deal. This takes the fundraising to Rs 144 crore. The placement was made pursuant to the resolution of the Aequs Board dated November 10, in accordance with the terms and conditions specified in the Share Subscription Agreements (SSAs).