Auto Parts Maker Viney Corporation Files IPO Papers With Sebi

Auto component maker Viney Corporation has filed draft preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The company's proposed IPO is a combination of fresh issue of equity shares worth Rs 150 crore and an offer for sale (OFS) of 2.22 crore equity shares by promoters and investor shareholders, according to the draft red herring prospectus (DRHP) filed on Monday. Promoters -- Brijesh Aggarwal, VL-Auto Ancillary and other shareholders -- Priyanka Aggarwal and Aren Capsules, Rakesh Kumar Aggarwal -- are selling shares in the OFS.

Proceeds from the fresh issue will be used for payment of debt, and for general corporate purposes Viney Corporation is engaged in designing, manufacturing, supplying and exporting a wide array of automotive component products for two-wheeler vehicles, three-wheeler vehicles, passenger vehicles and commercial vehicles.

The company's products are designed in India and Italy, manufactured in India, Italy, and Romania, and are supplied and distributed across India, Europe, USA and Brazil. ICICI Securities and Axis Capital are the book-running lead managers to the issue.

(PTI)