Infrastructure company Ceigall India Ltd has filed preliminary papers with capital markets regulator Sebi to mobilise funds through an Initial Public Offering (IPO).
The Ludhiana-based company’s IPO is a combination of a fresh issue of Rs 617.69 crore and an Offer For Sale (OFS) of up to 1.43 crore equity shares by the promoters, and an individual selling shareholder, according to the draft red herring prospectus filed on Sunday.
Promoters and promoter group entities — Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Avneet Luthra, Mohinder Pal Singh Sehgal, Parmjit Sehgal, Simran Sehgal — and individual shareholder Kanwaldeep Singh Luthra are divesting their stakes in the proposed public issue.
The offer includes a reservation for subscription by eligible employees.
The company may consider raising Rs 123.50 crore in the pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.
Proceeds from the fresh issue to the tune of Rs 118.78 crore will be
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