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Last Updated : Mar 15, 2018 02:02 PM IST | Source: Moneycontrol.com

Benara Bearings & Pistons SME IPO to open on March 20, price band at Rs 60-63 per share

The company aims to raise Rs 33.49 crore at higher end of price band through the issue.

 
 
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Benara Bearings & Pistons will open its initial public offering for subscription on the SME Platform of BSE on March 22, 2018.

The company in consultation with merchant banker has fixed a price band at Rs 60-63 per share for the public issue which will close on March 22.

The issue consists of initial public issue of upto 53,16,000 equity shares, of which 2,72,000 shares will be reserved for subscription by the market maker to the issue and upto 76,000 shares employees.

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The company aims to raise Rs 33.49 crore at higher end of price band through the issue.

The issue proceeds will be utilised for expansion by way of opening retail stores for automobile parts across the country; funding the working capital requirements of subsidiary company – Benara Solar Private Limited (BSPL), also funding the working capital requirements of the company and general corporate purposes.

Benara Bearings & Pistons is engaged in the manufacturing of engine bearings, bushes, pistons, piston pin, piston rings, cylinder liners and sleeves and engine valves.

The company markets its product in OEM and replacement market. It also focuses on two wheeler parts replacement market.

Pantomath Capital Advisors Private Limited is the book running lead managers to the issue and Bigshare Services Private Limited is the registrar to the issue. Equity shares are proposed to be listed on SME Platform of BSE Limited.

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First Published on Mar 15, 2018 02:02 pm
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