Shivalik Engineering Industries Ltd. filed its draft prospectus with the Securities and Exchange Board of India to raise funds via an initial public offering.
The public offering will consist of a fresh issue worth Rs 335 crore and an offer-for-sale of up to 41.30 lakh equity shares, according to the preliminary papers filed with the market regulator.
Promoters Giriraj Singhania and Raghvendra Singhania will be among the selling shareholders under the offer-for-sale component.
Axis Capital Ltd. and IIFL Securities Ltd. will be the book-running lead managers for the issue, the draft paper said.
Proceeds worth Rs 179 crore will be used for the setting up of a solar plant, and a sum of Rs 50 crore will be used for the expansion of the existing manufacturing unit.
The precision engineering company focuses on manufacturing and supplying components for commercial vehicles, tractors, off-highway vehicles, pipe fittings, and rail components.
The company has high-profile clients like Daimler India Commercial Vehicles Pvt., Ashok Leyland Ltd. in the commercial vehicles segment, Mahindra and Mahindra Ltd., International Tractors Ltd., and Escorts Kubota Ltd. in the tractor segment.
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