Maini Precision Products has received approval from capital markets regulator Sebi to float an initial public offering.
The company, which had filed its draft red herring prospectus (DRHP) with Sebi on September 30 for launching the IPO, obtained clearance from the regulator on January 14, according to the latest update.
The IPO comprises a fresh issue of shares to raise up to Rs 50 crore and an offer for sale of up to 30.30 lakh shares by its promoters “ Sudarshan Kumar Maini, Reva Maini, Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini.
The proceeds of the fresh issue would be used for construction of a new building for a factory at Nelamangala, to purchase machinery, to repayment of debt and for other general corporate purposes.
Bangalore-based Maini Precision Products, a diversified manufacturer and supplier of high precision components and assemblies, caters to a global clientele in the automotive and industrial and aerospace sectors.
The shares are proposed to be listed on BSE and NSE and the issue is being managed by ICICI Securities and IIFL Holdings.