Varroc Engg’s Rs 1,950-crore IPO to commence on June 26

Mumbai : Aurangabad-based auto component maker Varroc Engineering announced a Rs 1,955-crore initial public offer that opens on June 26 at a price band of Rs 965-967.

The offer consists of an offer-for-sale to the tune of 20,221,730 equity shares by promoters and existing investors. While promoter Tarang Jain will sell up to 1,752,560 shares up, investor Omega TC Holdings will sell up to 16,917,130 equity shares and Tata Capital will sell up to 1,552,040 shares.

Founded in 1990, Varroc is a global automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger car and motorcycle segments worldwide.

The issue opens on June 26 and closes on 28, the company said here, adding the offer also includes a reservation of 1, 00,000 shares for employees, at a discount of Rs 48 a share. The net offer aggregates up to 20,121,730 equity shares and together constitutes 15 per cent and 14.93 per cent, respectively, of the post-offer paid-up equity share capital.

The price band is fixed at Rs 965-967 per equity share and at the upper end of the price, the issue will mop up Rs 1,955 crore. Kotak Mahindra Capital, Citigroup Global Markets India and Credit Suisse Securities India, IIFL Holdings are managing the issue.

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