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Harsha Engineers International to raise Rs.755-Cr via IPO

MoneyControl  

Harsha Engineers International has filed preliminary papers with the capital markets regulator for an INR 755 crore IPO. The planned offer consists of a fresh issue of shares for INR 455 crore and an offer for sale of shares for INR 300 crore by promoters Rajendra Shah, Harish Rangwala, Pilak Shah, Charusheela Rangwala and Nirmala Shah. Axis Capital, Equirus Capital and JM Financial are the book running lead managers to the issue. The Ahmedabad-based company will use the proceeds of the issue to repay debt (INR 270 crore), purchase machinery (INR 77.95 crore), repair infrastructure and renovate production facilities including office premises in India (INR 7.11 crore), apart from general corporate purposes. Harsha Engineering offers a diverse suite of precision engineering products across geographies and end-user industries, including automotive, aviation & aerospace, railways, construction, mining, renewable energy, agriculture and other industrial sectors. It has five manufacturing facilities located in Gujarat, China and Romania.