Mumbai: Kabirdass Motor Co has approached the Securities and Exchange Board of India (SEBI) with a draft prospectus for an initial public offer to partly finance its plans to invest more than Rs 100 crore in its business.
The company is planning for different options to raise Rs 81.28 crore from the sale of its shares, including Rs 61.28 crore from the IPO. Apart from that, it has tied up for a bank term loan worth Rs 20 crore, as per its draft IPO prospectus filed with the SEBI.
The total investment plan of Rs 101.28 crore includes those for land, building, plant and machinery, research and development, brand promotion and other expenses.
Chennai-based Kabirdass Motor Company Limited was incorporated in November 2006 as a private limited company. It is engaged in the manufacturing and distribution of electric bikes and scooters under the brand name 'Xite'.
|Source: Asian CERC|