© Reuters.
Indo Farm Tools, a number one agricultural equipment firm, has filed preliminary papers with the Securities and Change Board of India (Sebi) on Wednesday, in search of to launch an preliminary public providing (IPO). The draft papers lodged on September 28 included an offer-for-sale of 35 lakh shares by promoter Ranbir Singh Khadwali, which represents 29.14% of the post-offer share capital.
The IPO, which is but to have a closing problem measurement introduced, consists of 1.4 crore fairness shares, together with a possible pre-IPO placement. Aryaman Monetary Providers is managing the providing, whereas MAS Providers has registered it.
The corporate intends to allocate INR 175.6 crore ($2.34 million) from the proceeds in the direction of growth in Baddi, Himachal Pradesh. Extra funds will even be directed in the direction of debt clearance and boosting its non-banking monetary firm (NBFC) subsidiary, Barota Finance.
By way of monetary efficiency, Indo Farm Tools reported a revenue of INR 155.64 crore ($2.07 million) and income of INR 370.76 crore ($4.93 million), largely pushed by home gross sales which account for 90% of the entire income.
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