Viney Corp Files DRHP To Raise Funds Via IPO—Check Details
Viney Corporation Ltd. filed a draft red herring prospectus with the Securities and Exchange Board of India to seek its nod for a proposed initial public offer. The company will offer shares with a face value of Rs 10 each amounting to Rs 150 crore as fresh issue.
The IPO also entails 2.22 crore shares with a face value of Rs 10 each as an offer for sale from Viney Corp's promoters and other shareholders, according to the DRHP.
Brijesh Aggarwal and VL-Auto Ancillary Pvt. Ltd. are the promoters in the company who will offload their stakes.
Priyanka Aggarwal, Rakesh Kumar Aggarwal, and Aren Capsules Pvt. Ltd. are other shareholders who will sell their stakes in the company, the DRHP said.
75% of the total offer is for qualified institutional buyers, and 15% will be for non-institutional investors, while the rest 10% will be reserved for retail individual bidders, it said.
ICICI Securities, Axis Capital, and Link Intime are the lead-running manager of the issue, the draft papers added.
Viney Corp intends to use the proceeds from the IPO for pre-payment, and re-payment of full or in part of its debt and for general corporate purpose. The company is also hoping to increase visibility and improve its brand image by listing itself on the bourses.
According to the DRHP, Viney Corp will fund Rs 122.4 crore debt from the IPO proceeds. The company will not use more than 25% of the net proceeds from the IPO for its general corporate purpose.
Viney Corp designs, manufactures, supplies, and exports a wide range of automobile components for two-wheelers, three-wheelers, and passenger vehicles. The product portfolio consists of mechatronic products like steering wheel switches, gear shifting paddles, light control units, brake pedal switches, sensors, etc., it said in the DRHP.
Viney Corp's connective products include wiring harnesses, fuse boxes, wire, cables, terminals, and connectors. Viney Corp is a Tier I supplier for original equipment makers of mechatronic products and connective products, the DRHP said.
"One out of every six two-wheelers sold in India is fitted with one of our device wiring harness," Viney Corp said citing Crisil report.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
