Maini Precision Products, a diversified manufacturer and supplier of high precision components and part of Bengaluru-based Maini Group, has received approval from capital markets regulator Sebi to float an initial public offering (IPO).
The company plans to go for IPO by issuing fresh shares to raise up to Rs 50 crore, and an offer for sale of up to 30.30 lakh shares by its promoters – Sudarshan Kumar Maini, Reva Maini, Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini.
Maini Group Chariman Sandeep Maini said, the company had filed its draft red herring prospectus (DRHP) with Sebi on September 30 for launching the IPO. The company obtained clearance from the regulator on January 14.
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