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    QONEQT in Stock Market Update

    14-Sep-2022 05:55 AM


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    Harsha Engineers IPO to open on September 14: Here's all you need to know

    Precision bearing cages manufacturer Harsha Engineers Internationals Rs 755 crore initial public offering IPO will open for subscription on September 14 and will conclude on September 16 The IPO price band has been fixed at Rs 314330 per share.
    The offer would also include reservations for subscriptions by eligible employees Half of the total issue size has been reserved for qualified institutional investors 35 percent for retail investors and the remaining 15 percent for noninstitutional investors.
    As part of the public offer new equity shares worth Rs 455 crore will be issued and existing shareholders will offer their shares for sale worth Rs 300 crore As a part of the offerforsale OFS Rajendra Shah Harish Rangwala Pilak Shah Charusheela Rangwala and Nirmala Shah will offload shares.
    The company has said that up to Rs 270 crore of the proceeds from the fresh issue will be used for debt payment and Rs 76 crore for working capital requirements for the purchase of machinery and up to Rs 712 crore for infrastructure repair and renovation of existing production facilities and general corporate purposes.
    Harsha Engineers revenue from operations increased by 5124 percent to Rs 132148 crore for fiscal 2022 from Rs 87375 crore in the previous fiscal while profit after tax doubled to Rs 9194 crore for fiscal 2022 from Rs 4544 crore for fiscal 2021 Axis Capital Equirus Capital and JM Financial are the book run.
    Founded in 1986 Harsha Engineers is one of the largest manufacturer of precision bearing cages in the organised segment in India The company has a market share of five percent to six percent in the organised segment of the global brass steel polyamide bearing cages in terms of revenue.

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    Source:- CNBCTV18