![Nandan Nilekani family-backed Divgi TorqTransfer fixes price band for IPO. Details here](https://img.etimg.com/thumb/msid-98266516,width-210,height-158,imgsize-22654,resizemode-75/nandan-nilekani-family-backed-divgi-torqtransfer-fixes-price-band-for-ipo-details-here.jpg)
The offer will be available for subscription till March 3. The allotment of shares to anchor investors will be on February 28. The shares are expected to get listed on the exchanges on March 14.
About 75% of the offer is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 10% for retail investors.
The issue comprises fresh issue of Rs 180 crore and an offer-for-sale of up to 39,34,243 equity shares by promoters and other selling shareholders.
Under the OFS, Oman India Joint Investment Fund will sell 22,50,000 shares, NRJN Family Investment will offload 14,41,441 units.
The company received market regulator Sebi's approval for the public offer in December last year, while the draft papers were filed in October.
The company said proceeds from the fresh issue will be primarily utilised to fund the company’s capital expenditure plans for the purchase of equipment and machineries at its manufacturing facilities and for general corporate purposes.
Divgi is an automotive component maker, having 3 manufacturing and assembling facilities located across India. The company is one of the leading players supplying transfer case systems to automotive original equipment makers in India, and the largest supplier of transfer case systems to passenger vehicle manufacturers in India.
A transfer case is part of the drivetrain of four-wheel-drive and other multiple powered axle vehicles. It essentially transfers power from the transmission to the front and rear axles by means of drive shafts.
The company said it will not undertake any pre-offer placement. Inga Ventures and Equirus Capital are the book running lead managers for the issue.
Divgi TorqTransfer Systems has recorded a net profit of Rs 26 crore as of September 2022, while total income stood at Rs 137 crore in the same period. For fiscal year 2022, the net profit stood at Rs 46 crore while total income was at Rs 242 crore.
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price