Exxaro Tiles to come out with IPO to raise Rs 150 cr

New Delhi: Gujarat-based Exxaro Tiles will come out with its IPO to raise about Rs 150 crore. It has filed its IPO draft papers with SEBI for the purpose. 

The company will offer up to 1.34 crore equity shares in the IPO. The offering will comprise fresh issue of up to 1.1 crore equity shares. There will also be an offer for sale of up to 22.38 lakh equity shares by one of the shareholders- Dixit Kumar Patel.

The number of equity shares pursuant to the pre-IPO placement will be reduced from the fresh issuance.

The proceeds from the IPO would be used to repay existing borrowers and also fund the working capital needs, according to DRHP. 

The company is promoted by Dinesh Bhai Patel, Mukesh Kumar Patel, Ramesh Bhai Patel and Kiran Kumar Patel.