31 December 2024, 02:27 PM
Ajay Poly Ltd.
Ajay Poly has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is a mix of fresh issue of shares of up to Rs 238 crore and an offer-for-sale (OFS) of up to 93 lakh equity shares each by the promoters. Under the OFS, 37 lakh shares will be sold by promoter Bina Jain, while Rajeev Jain and Nitin Jain will offload 28 lakh shares each.
The proceeds from the fresh issue will be utilised by the company to the extent of Rs 119 crore for debt payment, Rs 64.97 crore for funding capital expenditure requirements towards the purchase of equipment, plant, and machinery at Noida Unit, Karegaon, Shirwal, Chennai Unit, and its registered office. A part of the proceeds will also be used by the company towards general corporate purposes. Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers for the public issue.
Ajay Poly stood as one of India's foremost manufacturers of refrigeration sealing solutions, profile extrusion, and glass products for the appliance industry.