Cyient’s subsidiary files for IPO, to have fresh issue of ₹740 crore. Details here
Cyient Limited on Tuesday informed that Cyient DLM Limited, a subsidiary of the company, has filed its draft red herring prospectus dated January 9, 2023 with the capital market regulator Securities and Exchange Board of India (SEBI) in relation to its proposed Initial Public Offering (IPO) for listing on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).
The proposed listing of Cyient DLM on the Stock Exchanges will comprise an IPO in the form of fresh issue of new equity shares by Cyient DLM for an amount of upto ₹740 crore.
Cyient DLM in consultation with the book running lead managers, may consider a further issue of equity shares for an amount aggregating up to ₹148 crore, at its discretion, as may be permitted under applicable laws, prior to the filing of the red herring prospectus with the registrar of companies (Pre-IPO Placement), Cyient informed in an exchange filing. The issue may comprise a reservation for eligible employees, and a reservation for eligible Cyient Shareholders.
“The Proposed Listing and issue price of the IPO Shares are subject to many factors, including but not limited to the book building process under Indian regulations, receipt of applicable approvals and external factors such as prevailing market conditions and certain other considerations. As there is no assurance that the Proposed Listing will proceed, shareholders and potential investors are advised to exercise caution when dealing with the securities of the Company,” the company added.
Cyient is a global engineering and technology solutions company. The shares are down more than 20% in a year’s period.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.