Sona BLW files for Rs 6,000 crore IPO

Gurugram (Haryana) [India], Feb 24 (ANI): Automotive supplier Sona BLW Precision Forgings has filed papers with the stock market regulator to raise and aggregate of Rs 6,000 crore via initial public offering.

February 24, 2021

Business

1 min

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Gurugram (Haryana) [India], Feb 24 (ANI): Automotive supplier Sona BLW Precision Forgings has filed papers with the stock market regulator to raise and aggregate of Rs 6,000 crore via initial public offering.
The public issue of shares of face value of Rs 10 each comprises a fund raise via fresh issue amounting to Rs 300 crore and an offer for sale aggregating up to Rs 5,700 crore by selling shareholder Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Group Inc.
The portion reserved for qualified institutional buyers will be up to 75 per cent of the offer, non-institutional investors up to 15 per cent while up to 10 per cent will be reserved for retail investors.
The company intends to utilise proceeds from the fresh issue to repay or prepay Rs 225 crore of its borrowings besides general corporate purposes.
The firm is one of India’s leading automotive technology companies, designing, manufacturing and supplying highly-engineered, mission-critical automotive systems and components.
Kotak Mahindra Capital, Credit Suisse Securities, JP Morgan India, JM Financial, and Nomura Financial Advisory and Securities are book running lead managers to the issue.
(ANI)

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