Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

Sona Comstar Receives SEBI Approval to Issue Rs 6,000 Crore IPO

- Advertisement -

Sona Comstar had filed preliminary IPO papers in February

Image for representational purpose only

Capital markets regulator Sebi has approved Gurugram-based auto components manufacturer Sona BLW Precision Forgings’ (Sona Comstar) request to raise Rs 6,000 crore through an initial share sale. 

Citing a draft red herring prospectus, a PTI report said that the IPO comprises a fund-raise via fresh issue amounting to Rs 300 crore and an offer for sale aggregating up to Rs 5,700 crore by selling shareholder Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Group Inc.

- Advertisement -

The proceeds from the fresh issue will be utilised by the Blackstone promoted company to repay/prepay Rs 225 crore of its borrowings and for general corporate purposes. 

Sona Comstar had filed preliminary IPO papers in February.

Sona Comstar supplies components to automotive OEMs across the US, Europe, India and China, for both electrified and non-electrified powertrain segments and is not dependent on a single product, vehicle segment, customer or geography. 

The company is also one of the two largest exporters of starter motors from the country besides being the largest manufacturer of differential gears for passenger vehicles, commercial vehicles and tractors in India.

Some of its key OEM customers include a global OEM of EVs, a North American passenger vehicle and commercial vehicle maker, Ashok Leyland, Daimler, Escorts, Mahindra & Mahindra, Mahindra Electric, Maruti Suzuki, Renault Nissan, Volvo and Volvo Eicher.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Global Cellular IoT Module Market Trends Upward

0
A report by Counterpoint said that the growing trends in the market are being driven by increasing demand in China and India.  The global market...

Global Consumer Electronics Market To Hit $1.07T in 2025

0
The Stocklytics report predicts that despite a considerable drop in the worldwide consumer electronics market this year, it will see a modest recovery with...

North American EMS Industry Grows By 5%

0
IPC reported its May 2024 findings on the industry growth compared to last month and last year. On Friday, the global association for electronics manufacturing...

Buzz

Element14 Expands Product Range With Advanced Components From Phoenix Contact

0
The components, such as Connexis PCB Connectors, XPC PushX PCB Connectors, XT & XTV PushX Terminal Blocks, OCS Outdoor Housings, STEP3 Power Supplies, and...

Hisense Appoints Pankaj Rana As Group CEO To Lead India Operations

0
With over two decades of experience in the consumer electronics segment, as the new Group CEO, Rana will be leading the expansion strategy of...

ByteDance Partners With Broadcom To Develop Advanced Chips

0
ByteDance, the Chinese parent company of TikTok, is collaborating with U.S.-based chip designer Broadcom to develop an advanced AI processor, according to sources familiar...

Important Sectors

Global Cellular IoT Module Market Trends Upward

0
A report by Counterpoint said that the growing trends in the market are being driven by increasing demand in China and India.  The global market...

ByteDance Partners With Broadcom To Develop Advanced Chips

0
ByteDance, the Chinese parent company of TikTok, is collaborating with U.S.-based chip designer Broadcom to develop an advanced AI processor, according to sources familiar...

BIS Introduce New Standards To Enhance EV Safety

0
BIS introduces new standards, IS 18590: 2024 and IS 18606: 2024, to enhance EV safety and performance. These standards focus on powertrain and battery...

Government Scheme Greenlights Rs 13,595 Crore RE Projects

0
The new ISTS schemes will facilitate renewable energy transmission from two Indian states. On Saturday, the central government announced that it has approved new Inter...

BII To Invest $300 Million In Indian EVs

0
BII plans to invest an additional $300 million in India's electric vehicle (EV) industry over the next three years, focusing on manufacturing, components, and...

Manufacturing

HZL, AEsir Technologies Partner For Developing Zinc Batteries

0
This collaboration delivers higher power at lower costs, with minimal maintenance and longer lifespans of up to 20 years, contributing to greener solutions with...

North American EMS Industry Grows By 5%

0
IPC reported its May 2024 findings on the industry growth compared to last month and last year. On Friday, the global association for electronics manufacturing...

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...