New Delhi: Mining company Tega Industries, part of the MM group of companies, has submitted its draft Red Hering Prospectus (DRHP) to the Indian Exchange Committee (Sebi) to raise funds through its first share sale.
According to the DRHP filed with the Market Authority, the issue will be entirely an offer to sell of up to 13,669,478 shares with a par value of Rs 10 each by its promoters and existing shareholders.
Promoters and shareholders participating in OFS include Madan Mohan Mohanka, Manish Mohanka and Wagner Limited.
The company is expected to raise approximately Rs 700 to 750 billion through its IPO, according to sources involved in the matter.
Tega Industries, based in Calcutta, offers bespoke solutions for the mining, mineral processing, bulk solids and sludge handling industries.
The company specializes in the manufacture, sale and life cycle management of wear-resistant lining components required for grinding, calibrating and processing minerals, downstream equipment such as hydrocyclones and flotation columns, liquid transport and filtration systems used in industry.
The company has reserved 50 percent of the net issue for qualified institutional buyers (QIBs) while 15 percent of the issue is reserved for non-institutional investors (NIIs). Private investors receive the remaining 35 percent of the allocation.
The company has hired Axis Capital and JM Financial to manage the issue, while Link Intime India has been appointed registrar of the issue. The shares are listed on both the BSE and the NSE.