Rolex Rings, an auto elements maker, has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (Sebi) to launch an preliminary public providing. Rolex Rings’ market providing will include a contemporary subject of shares price Rs 70 crore and a proposal on the market of as much as 65 lakh shares by Rivendell PE (previously often called NSR-PE Mauritius), in keeping with the draft purple herring prospectus filed with the market regulator.
The auto part maker will use the IPO proceeds to fund its long-term working capital necessities and for normal company functions. The fairness shares are prone to be listed on the BSE and NSE.
Rolex Rings is based mostly at Rajkot in Gujarat and is among the many main producers of cast and machined elements within the nation.
Equirus Capital Private Ltd, IDBI Capital Markets & Securities and JM Financial are the service provider bankers to the problem.