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Mar 11, 2013, 07.00 PM IST | Source: Moneycontrol.com

Jyoti CNC Automation files IPO papers with SEBI

CNC machine manufacturer Jyoti CNC Automation filed draft red herring prospectus with SEBI on March 11, for a public issue of 1.34 crore equity shares of face value of Rs 10 each.

Moneycontrol Bureau

CNC machine manufacturer Jyoti CNC Automation filed draft red herring prospectus with SEBI on March 11, for a public issue of 1.34 crore equity shares of face value of Rs 10 each.

The issue will constitute 31.82 percent of the post issue paid-up capital of the company.

The company is also considering a pre-IPO placement of upto 27.9 lakh shares and/or aggregating upto Rs 60 crore

It is one of the largest CNC machine manufacturing companies in India in the metal cutting segment with a 12.7 percent share of the value of domestic production in FY 2012. It has presence in India and 37 other countries in Asia, Europe, Middle East, North America, South America and Africa.

Issue proceeds are proposed to be used for expansion of capacity at manufacturing facility; construction/extension of office building, R&D centre and centre for excellence; prepayment of certain indebtedness; funding long term working capital requirements; equity investment in subsidiary, Jyoti S A S for prepayment of indebtedness; and general corporate purposes.

As on January 31, 2013, it had an order book for 824 machines amounting to Rs 467.59 crore. "High-realization sectors like aerospace and defence constitute 46.81 percent of order book," the company said.

For the nine months ended December 31, 2012, consolidated revenues and profit after tax were Rs 416.74 crore and Rs 20.96 crore, respectively. For the year ended March 31, 2012, consolidated profit after tax of the company stood at Rs 16.17 crore on revenues of Rs 601.67 crore.

Promoters' shareholding will be reduced to 66.07 percent from 96.91 percent post issue.

Avendus Capital Private Limited and SBI Capital Markets Limited are the book running lead managers to the issue.

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