The equity shares will be listed on NSE and BSE
The equity shares will be listed on NSE and BSE

Exxaro Tiles to raise Rs 160 crore via IPO

ANI | Updated: Mar 16, 2021 18:09 IST


Mumbai (Maharashtra) [India], Mar 16 (ANI): Gujarat-based Exxaro Tiles has filed its draft red herring prospectus (DRHP) to raise between Rs 150 crore and 160 crore, market sources said on Tuesday.
The net proceeds will be utilised for repaying or pre-paying borrowings, fund working capital requirements besides general corporate purposes.
The initial public offering of up to 1.34 crore equity shares with a face value of Rs 10 each will comprise a fresh issue of up to 1.1 crore equity shares and an offer for sale of up to 22.3 lakh equity shares by selling shareholder Dixitkumar Patel.

The equity shares will be listed on NSE and BSE. The company may consider a pre-IPO placement of up to 22 lakh equity shares for cash consideration. The number of equity shares pursuant to the pre-ipo placement will be reduced from fresh issuance.
The portion reserved for qualified institutional buyers will be up to 50 per cent of the offer. Non-institutional investors will have up to 15 per cent of the portion reserved while up to 35 per cent will be reserved for retail investors.
A certain portion of the offer will be reserved for eligible employee category. Pantomath Capital Advisors is the lead manager to the issue.
Exxaro Tiles is primarily engaged in the business of manufacturing and marketing vitrified tiles used for flooring solutions in residential and commercial segments. It currently has 2,000-plus dealer network across 27 states.
In FY20, the company reported a revenue of Rs 241 crore and profit after tax of Rs 11 crore. (ANI)

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