MY KOLKATA EDUGRAPH
ADVERTISEMENT
regular-article-logo Monday, 23 December 2024

Tega Industries files for IPO with market regulator

The company, engaged in design and production of consumables for mineral beneficiation, mining and bulk solids handling industry, seeks to raise Rs 700-750 crore

A Staff Reporter Calcutta Published 19.08.21, 01:27 AM
Representational image.

Representational image. Shutterstock

City-based Tega Industries has filed for its initial public offering with the market regulator. The company, which is engaged in design and production of consumables for mineral beneficiation, mining and bulk solids handling industry, is looking to raise Rs 700-750 crore.

The issue will be a complete offer for sale (OFS) of 1,36,69,478 equity shares of face value of Rs 10 each by promoters and investors. This includes 33,14,657 shares of Madan Mohan Mohanka, up to 6,62,931 shares of Manish Mohanka and up to 96,91,890 shares of Wagner, an affiliate of the US-based private equity firm TA Associates.

ADVERTISEMENT

The portion reserved for qualified institutional buyers will be up to 50 per cent of the offer, non-institutional investors up to 15 per cent of the portion reserved, while up to 35 per cent will be reserved for retail investors.

The equity shares offered are proposed to be listed on the BSE and the NSE.

The company commenced operations in India in 1978 in collaboration with Swedish firm Skega AB. Skega’s stake was acquired by Madan Mohan Mohanka in 2001 and in 2011, the company received funding from Wagner.

With a global footprint in over 70 countries, Tega’s end-customers are mineral processing sites involved in gold and copper ore beneficiation. Total income of the company was Rs 856.68 crore in 2020-21 with a profit of Rs 136.40 crore.

The company has manufacturing operations at Dahej in Gujarat and at Samali and Kalyani in Bengal. The company’s international operations are in proximity to the world’s major copper and gold mining locations in Chile, South Africa and Australia.

Follow us on:
ADVERTISEMENT
ADVERTISEMENT