Craftsman Automation files IPO papers

Auto component maker Craftsman Automation has filed draft papers with Sebi for its Initial Public Offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 43,83,320 shares of Craftsman Automation by promoters, as per the DRHP filed with Securities and Exchange Board of India (Sebi). The promoters offloading the stakes include Srinivasan Ravi (2.10 lakh shares), Marina III (Singapore) (over 15.59 lakh), IFC (14.14 lakh) and K Gomatheswaran (up to 12 lakh).

The company proposes to utilise the funds towards funding the repayment/pre-payment, in full or part, of certain borrowings and for general corporate purposes. The shares offered through the IPO are proposed to be listed on stock exchanges and the company has received ‘in-principle’ approval from BSE and NSE for the listing. There is a reservation of equity shares worth Rs 5 crore for subscription by eligible employees, constituting 5 per cent of the post offer paid up share capital of the company.