Benara Bearings & Pistons to raise Rs 34 crore through IPO

Uttar Pradesh-based Benara Bearings & Pistons announced plans for its initial public offering (IPO) on the Bombay Stock Exchange (BSE) from March 20, 2018 to March 22, 2018 at a price band of Rs 60 to Rs 63 per equity share of face value of Rs 10 each.

The company, which manufactures engine bearings, bushes, pistons, piston pin, piston rings, cylinder liners and sleeves and engine valves, will issue 5,316,000 equity shares of face value of Rs 10. A total of around 4,968,000 equity shares of face value of Rs 10 each will be for public offer.

Benara Bearings & Pistons says the net proceeds will be utilised for expanding the company's operations by opening retail stores for automobile parts across the country, and funding the working capital requirements of its subsidiary company – Benara Solar , funding the working capital requirements and general corporate purposes.

In FY2016-17 the company had a revenue of Rs 4.64 crore from the OEM and parts replacement market and Rs 72 crore from the revenue operations of the company on a standalone basis.