CMR Green Technologies, the metal recycling company and India’s largest producer of aluminium and zinc die-casting alloys with a combined annual capacity of over approx. 310,700 tonnes has filed preliminary papers with capital markets regulator ‘Securities and Exchange Board of India’ (SEBI) to raise funds through an initial share sale.
According to the draft red herring prospectus (DRHP), the initial public offering (IPO) comprehends fresh issuance of equity shares worth INR 300 crore and an offer for sale of 3,34,14,138 equity shares by promoters and investors.
Those offering shares in the OFS incorporates promoters such as Gauri Shankar Agarwala (34.33 lakh equity shares), Kalawati Agarwal (up to 33.45 lakh equity shares) and Mohan Agarwal and Pratibha Agarwal will divest up to 30.09 lakh equity shares each, and investor Global Scrap Processors will sell up to 1.99 crore equity shares.
The company may contemplate a pre-IPO for up to INR 60 crore, and if such placement is completed, the fresh issue size will be marked down. However, earnings from the fresh issue will be capitalized towards the payment of debt and general corporate purposes.
The Faridabad, Haryana headquartered CMR Green Technologies is one of the leading metal recyclers in the domestic aluminium recycling industry.
The company is primarily focused on the recycling of aluminium that involves the processing of aluminium based metal scrap to manufacture aluminium alloys and supplying them in liquid form as well as solid ingots. CMR is also engaged in the manufacturing of zinc alloys.
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