Harsha Engineers Rs 755 cr IPO to open on Sep 14

Hyderabad: The Rs 755-crore preliminary public providing of Ahmedabad-based Harsha Engineers Worldwide will open for subscription on September 14 and shut on September 16. The shares shall be bought in a worth band of Rs 314 to Rs 330 every, the corporate stated. Buyers can bid for no less than 45 shares and in multiples of 45 shares thereafter, it added.

The provide consists of a contemporary concern of fairness shares aggregating to Rs 455 crore, and a proposal on the market of as much as Rs 300 crore by current shareholders.

Harsha Group was established within the 12 months, 1986 by founder, promoters Harish Rangwala and Rajendra Shah, each having greater than 35 years of expertise within the precision engineering and bearings cages manufacturing sector that primarily operates within the automotive, railways, aviation & aerospace, building, mining, agriculture, electrical and electronics, renewable vitality, and different industrial sectors. The Firm has roughly 50-60 per cent of the market share within the organised section of the Indian bearing cages market

Harsha Engineers’ income from operations elevated by 51.24 per cent to Rs 1321.48 crore for fiscal 2022 from Rs 873.75 crore for fiscal 2021, primarily as a result of enhance in its income from operations from engineering enterprise, whereas revenue after tax has elevated by 102.35per cent to Rs 91.94 crore for fiscal 2022 from Rs 45.44 crore for fiscal 2021, primarily as a result of enhance within the income from operations from the engineering enterprise and discount within the working lack of photo voltaic EPC enterprise in addition to acquire on account of trade charges.

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