Blackstone -promoted Sona BLW Precision Forgings Ltd (Sona Comstar) on Wednesday filed its draft red herring prospectus with Securities and Exchange Board of India to raise up to ₹6000 crore through an initial public offering (IPO). The IPO comprises a fresh issue worth ₹300 crore and an offer for sale of up to ₹5,700 crore by Singapore VII Topco III Pte Ltd, an affiliate of Blackstone. As of December, Singapore VII Topco III Pte held a 66.28% stake in Sona Comstar, while the rest 33.72% was held by Sona Autocomp Holding Pvt. In January, mortgage financier Aadhar Housing Finance, which is also backed by Blackstone, had filed its draft papers for a ₹7,300-crore IPO. Sona Comstar will use the proceeds from the fresh issue to repay its ₹225 crore debt, besides general corporate purposes.

Source: Mint February 24, 2021 14:08 UTC