Stainless steel flexible hose manufacturer Aeroflex Industries Ltd has filed draft papers with capital markets regulator Sebi to mobilise Rs 350 crore through an initial share-sale.
The initial public offering (IPO) consists of a fresh issue of equity shares worth up to Rs 160 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter entities — Sat Industries and Italica Global FZC, according to the draft red herring prospectus (DRHP).
The OFS comprises sale of 1.23 crore shares by Sat Industries Ltd and up to 52 lakh shares by Italica Global FZC.
At present, Sat Industries owns 92.18 per cent stake in the company, while Italica Global FZC holds 6.52 per cent stake.
Proceeds from the fresh issue will be utilised to the extent of Rs 35 crore for the payment of debt, Rs 84 crore for funding its working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions for inorganic growth.
According to merchant banking sour
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