Polycab India to raise around Rs 1,345 cr through IPO

Updated: Tue, Apr 02, 2019
10:00 pm
PTI
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Wires and cables manufacturer Polycab India plans to raise around Rs 1,345 crore through a mix of fresh issue of equity shares and an offer for sale, which will be launched on April 5.

The issue, which includes Rs 400 crore of fresh issue and an offer for sale (OFS) of 17,582,000 shares of face value of Rs 10 a piece, will close on April 9.

The price band of the issue is fixed at Rs 533-538 per equity share.

The offer includes a reservation of up to 175,000 equity shares for employees.

"We plan to utilise the proceeds of the issue for partially retire our debts as well as for meeting our working capital requirements," its deputy chief financial officer Gandharv Tongia told

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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