In all, Craftsman Automation seeks to lift Rs 824 crore, which will likely be used to repay or prepay borrowings in addition to pay for basic company functions
The preliminary public providing (IPO) of Craftsman Automation will open on Monday (15 March). The price band of the engineering firm’s IPO has been mounted at Rs 1,488 to Rs 1,490 per fairness share. The registrar for the Craftsman IPO is Link Intime India Private Ltd.
Staying energetic for 2 days, the Craftsman Automation IPO will shut on 17 March (Wednesday). As reported by The Economic Times, the corporate goals to lift Rs 150 crore with the fairness shares and the provide of sale of as much as 45.21 lakh shares by promoters and shareholders will elevate Rs 674 crore. In all, the corporate seeks to lift Rs 824 crore.
The foundation of the share allotment will likely be selected 22 March whereas refunds will likely be initiated by 23 March. Demat accounts will seemingly obtain a credit score of shares on 24 March, the report mentioned.
Craftsman Automation reportedly plans to make use of the funds raised to repay or prepay the borrowings. It can even be utilizing some a part of the cash for basic company functions, a report in Business Today mentioned.
The lot dimension of Craftsman Automation IPO is 10 shares and the fee is Rs 14,900. Individual buyers can apply for as many as 13 heaps which implies a complete of 130 shares price Rs 1,93,700.
The itemizing of the Craftsman Automation IPO is prone to be on 25 March.
The Business Today added that 50 % of the web challenge will be subscribed by Qualified institutional consumers (QIBs). As a lot as 35 % of the difficulty is for the retail class whereas the non-institutional buyers have 15 % of the difficulty reserved for them.
The engineering firm will likely be itemizing its shares on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Formed in 1986, the corporate is concerned within the designing, improvement and manufacturing of precision merchandise. Some of the main corporations like Siemens, Escorts, Mahindra & Mahindra, Royal Enfield, Ashok Leyland and Tata Motors are the purchasers of Craftsman Automation.
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