Harsha Engineers IPO to open on Sept 14

NEW DELHI, Sept 11 (NDTV): Harsha Engineers International, manufacturer of precision bearing cages, on Friday said it has fixed a price band of Rs 314-330 per share for its Rs 7.55-billion initial public offering (IPO).
The initial share-sale will open for public subscription on September 14, and conclude on September 16, the company announced.
The Rs 7.55- billion public issue consists of a fresh issue of equity shares aggregating to Rs 4.55 billion, and an offer-for-sale (OFS) of up to Rs 3.00 billion by existing shareholders.
As a part of the OFS, Rajendra Shah, Harish Rangwala, Pilak Shah, Charusheela Rangwala and Nirmala Shah will offload shares.
The offer also includes a reservation for subscription by eligible employees.
Proceeds from the fresh issue to the tune of up to Rs 2.70 billion will be utilised for debt payment, up to Rs 760 million for funding working capital requirements towards purchase of machinery, up to Rs 71.2 million for infrastructure repairs and renovation of the existing production facilities and for general corporate proposes.