Sebi gives nod to Uniparts India for IPO

Engineering systems and solutions provider Uniparts India has received markets regulator Sebi's go-ahead to float an initial public offering. The company, which filed its IPO papers with Sebi in December 2018, obtained the regulator's "observations" on February 1, the latest information with Sebi showed.

The observations are necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue. According to the draft papers, Uniparts India's IPO comprises fresh issuance of shares worth Rs 100 crore, besides an offer for sale of 1,30,60,770 stocks by existing shareholders.

Funds raised through the issue will be utilised towards repayment of the outstanding loan facilities availed by the company and for general corporate purposes. Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets will manage the company's public issue.

Uniparts primarily caters to off-highway vehicles in agriculture, construction, forestry and mining sectors. Earlier, Uniparts had filed initial papers with Sebi in September 2014 and also obtained the regulator's clearance to launch the IPO but did not go ahead with the initial share sale.

(With inputs from agencies.)