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MTAR Technologies fixes IPO price band at Rs 574-575, to raise Rs 596.4 crore

The offer will open for subscription on March 3 and close on March 5. Anchor book, if any, will open for a day on March 2.

February 25, 2021 / 08:35 AM IST

Hyderabad-based MTAR Technologies, a leading player in the precision-engineering industry, has fixed price band for its initial public offering at Rs 574-575 per share. The offer will open for subscription on March 3.

The initial public offering comprises a fresh issue of 21,48,149 equity shares by the company and an offer for sale of 82,24,270 equity shares by promoters and investors.

The fresh issue size of MTAR has been reduced by 18,51,851 equity shares to 21,48,149 shares after the company raised Rs 100 crore through pre-IPO placement.

Promoters who will sell their shares are - P Leelavathi will be selling 4,50,000 equity shares through offer for sale, Parvat Srinivas Reddy (3 lakh shares), Kalpana Reddy (1,49,970 shares), Saranya Loka Reddy (3 lakh shares), C Usha Reddy (2 lakh shares), G Kavitha Reddy (3 lakh shares), D Anitha Reddy (1.25 lakh shares), K Shalini (2.25 lakh shares) and A Manogna (3 lakh shares).

Among investors, Fabmohur Advisors LLP and P Simhadri Reddy will also sell 57,84,300 equity shares and 90,000 shares, respectively, through the offer for sale route.

Close

Investors can bid for a minimum of 26 equity shares and in multiples of 26 shares, thereafter. The public issue will close on March 5.

This would be the ninth public offer in the current calendar year, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India and Heranba Industries.

The company will use the proceeds from the fresh issue and pre-IPO placement to repay debts and meet working capital requirements.

MTAR Technologies is a leading precision engineering solutions company engaged in the manufacturing of mission critical precision components. It primarily serves customers in the clean energy, nuclear, space and defence sectors. Its clients include ISRO, Rafael, DRDO and NPCIL.

JM Financial and IIFL Securities are the book running lead managers to the issue.
Moneycontrol News
first published: Feb 25, 2021 08:35 am

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