Salasar Techno Engineering has received the approval of capital markets regulator Sebi to float its initial public offer. The company had filed its draft papers with Sebi in February and received the ‘observations’ from the regulator on May 16, which is necessary for any company to launch public offer, as per the latest update.
The public issue comprises 33.21 lakh equity shares of face value of Rs 10 each fully paid for cash at a price of Rs 108 per equity share aggregating Rs 35.86 crore, according to the draft papers. Proceeds of the issue will be utilised for meeting working capital requirements and general corporate purposes.
Rajasthan-based Salasar Techno Engineering provides customised steel fabrication and infrastructure solutions for telecommunication towers, transmission towers and substation structures and solar module mounting structures.
Sarthi Capital Advisors is the sole book running lead manager to the issue. The equity shares are proposed to be listed on the NSE and BSE.