Precision equipment maker Maini files draft IPO papers to raise Rs.900-Cr

Maini Precision Products, a Bengaluru-based precision equipment manufacturer, has filed preliminary papers with capital market regulator Sebi to raise funds through an initial share sale. The size of the IPO is likely to be INR 900 crore. The IPO consists of a fresh issue of equity shares aggregating to INR 150 crore, and an offer for sale of up to 2,54,81,705 equity shares. Proceeds from the fresh issue will be used to pay its debt and for general corporate purposes.