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Salasar Techno gets Sebi approval for IPO

LiveMint logoLiveMint 26-05-2017 PTI

New Delhi: Salasar Techno Engineering has received the approval of capital markets regulator, the Securities and Exchange Board of India (Sebi), to float its initial public offering (IPO).

The company had filed its draft papers with Sebi in February and received the ‘observations’ from the regulator on 16 May, which is necessary for any company to launch public offer, as per the latest update.

The public issue comprises 33.21 lakh equity shares of face value of Rs10 each fully paid for cash at a price of Rs108 per equity share aggregating Rs35.86 crore, according to the draft papers.

Proceeds of the issue will be utilised for meeting working capital requirements and general corporate purposes.

Rajasthan-based Salasar Techno Engineering provides customised steel fabrication and infrastructure solutions for telecommunication towers, transmission towers and substation structures and solar module mounting structures.

Sarthi Capital Advisors is the sole book running lead manager to the issue. The equity shares are proposed to be listed on the NSE and BSE.

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