Haryana-based Oswal Pumps has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO is a combination of fresh issue of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) of up to 1.13 crore equity shares by promoter Vivek Gupta, according to the draft red herring prospectus (DRHP) filed on Tuesday.
The company may consider raising up to Rs 200 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.
Proceeds from the fresh issue will be used for funding certain capital expenditures of the company; investment in wholly-owned subsidiary, Oswal Solar in the form of debt or equity, setting up new manufacturing units at Karnal, Haryana, payment of debt, and for general corporate purposes.
Oswal Pumps commenced its operations in 2003 by manufacturing low-speed monoblock pumps and over the years, it expanded its operations to manufacture grid-connected high-speed
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