M&B Engineering files draft papers with Sebi for Rs 653 crore IPO

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M&B Engineering files draft papers with Sebi for Rs 653 crore IPO - Business Standard

Quick Summary:

Proceeds from the fresh issue to the extent of Rs 63.9 crore will be used for purchasing equipment and machinery for the company's manufacturing facilities, Rs 60 crore for payment of debt, Rs 110 crore to meet the company's working capital requirements and the remaining funds will be allocated towards general corporate purposes.

The proposed IPO is a mix of fresh issue of equity shares worth Rs 325 crore and an offer for sale (OFS) of Rs 328 crore by promoters, according to the draft red herring prospectus (DRHP).

M&B Engineering Ltd on Wednesday filed draft papers with capital markets regulator Sebi to mobilise Rs 653 crore through an initial public offering (IPO).