Vidya Wires files draft papers with SEBI
To raise funds through an initial public
New Delhi: Winding and conductivity products maker Vidya Wires has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 320 crore by the company, and an offer for sale (OFS) of up to 1 crore equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP) on Saturday.
The company proposes to utilise the net proceeds towards funding capital expenditure requirements for setting up new projects in subsidiary ALCU, payment of debt, and general corporate purposes.
Vidya Wires is one of the largest manufacturers of winding and conductivity products for a range of critical industries and applications. The product portfolio includes precision-engineered enamelled wires, enamelled copper rectangular strips, paper-insulated copper conductors, copper busbar and bare copper conductors, specialised winding wires, PV ribbon and aluminium paper-covered strips, among others.
The products are used in varied critical applications such as energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways.
According to CareEdge Report, the Indian winding wire market is around 3.30 lakh MT, with the top five companies collectively holding a 45.7 per cent market share.
Pantomath Capital Advisors and IDBI Capital Markets & Securities are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and the National Stock Exchange of India (NSE).
