Piping solutions provider Dee Development Engineers Ltd has filed draft papers with capital markets regulator Sebi to mop up funds through an Initial Public Offering (IPO).
The initial share sale comprises fresh issuance of equity shares worth Rs 325 crore and an offer for sale of 79 lakh equity shares by a promoter Krishan Lalit Bansal, according to the Draft Red Herring Prospectus (DRHP).
Currently, Bansal owns 74.74 per cent stake in the company.
In addition, the company may consider mobilising Rs 65 crore in a pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced.
As per the preliminary papers filed on Thursday, the funds mopped up through the fresh issuance of equity shares will be used for payment of debt, supporting working capital requirements and for general corporate purposes.
SBI Capital Markets and Equirus Capital have been appointed as merchant bankers to manage the company’s maiden public issue. Equity shares of the engineeri
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