Sandhar Tech files draft papers for IPO

Sandhar Technologies Limited has filed draft papers with Securities and Exchange Board of India (SEBI) to raise Rs. 300 crore through an initial public offer (IPO).
 
According to the draft red herring prospectus (DRHP) filed with SEBI, the IPO includes fresh issue adding up to Rs. 300 crore and offer for sale of 80 lakh shares by GTI Capital Beta Private Limited.
 
The company plans to use the net proceeds from the issue for payment of certain loan facilities and for general corporate purposes. The IPO’s book running lead managers are ICICI Securities and Axis Capital. The shares are proposed to be listed on both BSE and NSE.
 
Sandhar Technologies Limited manufactures, assembles, and sells automotive components for two-wheelers, four-wheelers and commercial vehicle industry India and internationally.