Standard Glass Lining gets Sebi nod for IPO

HYDERABAD: Standard Glass Lining Technology Limited, which makes specialised engineering equipment for the pharmaceutical and chemical sectors, has received final observation from the markets regulator, Securities and Exchange Board of India (SEBI), for its initial public offering (IPO).
The proposed IPO includes a fresh issue of shares of face value Rs 10 each aggregating to Rs 250 crore, and an offer for sale of up to 18.44 million equity shares by the promoters and other selling shareholders of the company.The Telangana-based company may also consider a pre-IPO placement of up to Rs 50 crore, and if successful, the size of the fresh issue would decrease. The company plans to list its shares on the Bombay Stock Exchange and the National Stock Exchange.
The company stated it intended to use around Rs 10 crore from the proceeds of the fresh issue towards capital expenditure for the purchase of machinery and equipment, and Rs 130 crore for the repayment or prepayment of borrowings by the company and its wholly-owned material subsidiary, S2 Engineering Industry Pvt Ltd.
Apart from this, it planned to use Rs 30 crore for investment in S2 Engineering towards capital expenditure for machinery and equipment, as well as Rs 20 crore for strategic investments or acquisitions and general corporate purposes.
IIFL Securities Limited and Motilal Oswal Investment Advisors Limited were the book-running lead managers, and KFin Technologies Limited was the registrar of the offer.