Cyient DLM Limited receives SEBI approval to float IPO

5 Apr 2023 , 02:52 PM

The markets regulator, Securities and Exchange Board of India (SEBI) has provided observation letter to Cyient DLM Limited to go ahead with the IPO. The company had filed its draft prospectus with SEBI in January 2023 to raise Rs 740 crore through Initial Public Offering (IPO) and to list on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).

The company may consider a further issue of specified securities, including private placement, rights issue, preferential offer worth Rs 148 crore in consultation with the book-running lead managers before the filing of the red herring prospectus (RHP) with the registrar of companies, as said in its media release.

Cyient DLM Limited is a subsidiary of Cyient, a global engineering and technology solutions company. The stock was trading at 52 week high in afternoon session at Rs 1043.75.

Axis Capital and JM Financial are the book-running lead managers to the issue.