M&B Engineering Ltd on Wednesday filed draft papers with capital markets regulator Sebi to mobilise Rs 653 crore through an initial public offering (IPO).
The proposed IPO is a mix of fresh issue of equity shares worth Rs 325 crore and an offer for sale (OFS) of Rs 328 crore by promoters, according to the draft red herring prospectus (DRHP).
At present, promoters hold 100 per cent stake in the company.
Proceeds from the fresh issue to the extent of Rs 63.9 crore will be used for purchasing equipment and machinery for the company’s manufacturing facilities, Rs 60 crore for payment of debt, Rs 110 crore to meet the company’s working capital requirements and the remaining funds will be allocated towards general corporate purposes.
The Gujarat-based company’s total borrowings stood at Rs 204.84 crore as of March 2024, the draft papers showed.
M&B Engineering is one of the country’s leading Pre-Engineered Buildings (PEB) and Self-Supported Roofing providers in terms of installed …
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