SEBI Approves IPOs Of Kalpataru, Unimech Aerospace And Manufacturing; JSW Cement Awaits Approval

Unimech Aerospace and Manufacturing IPO aims to raise Rs 500 crore. The proposed public offering consists of a fresh issue of Rs 250 crore and an offer-for-sale component of Rs 250 crore, according to the draft red herring prospectus.

The offer for sale consists of the sale of equity shares up to Rs 45 crore by Ramakrishna Kamojhala, up to Rs 45 crore by Mani P, up to Rs 45 crore by Rajanikanth Balaraman, and up to Rs 30 crore by Preetham S V. Rasmi Anil Kumar, the promoter group, will offload stock worth Rs 85 crore.

Net proceeds from the issue amounting to Rs 32.5 crore will be used for funding of capital expenditure for expansion through the purchase of machinery and equipment. A total of Rs 25.2 crore will go towards working capital requirements of the company and for investments in its material subsidiary.

While Rs 43.9 crore will go towards capital expenditure for expansion through the purchase of machinery and equipment, Rs 44.7 crore will go towards working capital. The company will use Rs 40 crore for repayment or prepayment of borrowing and towards general corporate purposes.

The Bengaluru-based firm is a leading manufacturer of complex tooling, mechanical assemblies, electro-mechanical turnkey systems, and precision components. These components are used in aeroengine and airframe tooling for production, maintenance, repair and overhaul, and line maintenance activities.