The public offering includes a new share issue worth Rs 350 crore and an offer to sell 40 lakh shares by promoters, according to the draft Red Herring Prospectus (DRHP) filed with Sebi.
Corrtech International, a provider of pipeline laying solutions, has submitted preliminary documents to Sebi, the capital markets regulator, to raise funds through an initial public offering (IPO).
The public offering includes a new share issue worth Rs 350 crore and an offer to sell 40 lakh shares by promoters, according to the draft Red Herring Prospectus (DRHP) filed with Sebi.
The proceeds of the new issuance will be used to fund the redemption of bonds, the payment of debt, the financing of the capital expenditure for the purchase of new equipment, the contribution of equity to the subsidiary, the financing of incremental working capital requirements of the company and general business purposes.
Corrtech International is one of the leading providers of pipeline laying solutions including hydrocarbon pipeline laying in India. It is also engaged in providing EPC (Engineering, Procurement and Construction) solutions to material and feed handling process facilities in oil and gas refineries and petrochemical complexes.
Equirus Capital is the only book running lead manager for the matter.
This post Corrtech International Submits Draft Documents to Sebi to Raise Funds Through IPO
was original published at “https://www.financialexpress.com/market/ipo-news/corrtech-international-files-draft-papers-with-sebi-to-raise-funds-via-ipo/2464371/”
