Can you give me details of the proposed Craftsman Automation IPO?
Answer
Answer
Craftsman Automation, a manufacturer of auto components and ancillaries, has secured SEBI approval to launch its initial public offer. It will be a combination will be a combination of a fresh issue and an offer for sale. The IPO will consist of a fresh issue of Rs.150 crore while the promoters and early shareholders will also offer 45.21 lakh shares as part of OFS.
The offer for sale or the OFS will be done by the promoters, Srinivasan Ravi and K Gomatheshwaran. In addition, early investors in the company like the International Finance Corporation or IFC and Marina III will also be offloading part of their holdings in the company through the offer for sale issue.
Srinivasan Ravi is the largest shareholder in Craftsman Automation with a 52.83% stake in the company. The funds raised through the fresh issue will be used for repayment and pre-payment of some of the debt in the books so as to improve its solvency ratios.