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Polycab India files IPO papers with Sebi

PTI New Delhi
Updated: 31-10-2018 16:58 IST

Wire and cable maker Polycab India has filed draft papers with capital markets regulator Sebi to float an initial share-sale.

The company's IPO comprises fresh issuance of shares worth Rs 500 crore, besides an offer for sale of 2,48,86,823 stocks by promoters and existing shareholder, International Finance Corp (IFC), according to draft red herring prospectus (DRHP) filed with Sebi on Tuesday.

IFC will sell 10,588,223 stocks of the company through the offer for sale (OFS) route.

Proceeds of the issue will be used for scheduled repayment of certain borrowings availed by the company, to fund incremental working capital requirements of the firm, and for general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including among other things, enhancing the visibility of our brand and our company," the draft papers noted.

Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, IIFL Holdings and Yes Securities will manage the company's initial public offer (IPO).

The company is engaged in the business of manufacturing and selling wires and cables, and fast moving electrical goods under the 'Polycab' brand.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)