Silver Consumer Electricals Rs. 150 crore completes pre-IPO sale of secondary shares

Silver Consumer Electricals Limited, a pump and motor manufacturer, has invested around Rs. 150 crore has completed a pre-IPO secondary share sale, in which a member of the promoter group has sold 2.59 per cent stake as the company prepares for its initial public offering.

In a public announcement on Friday, the company said promoter group member Dharamshibhai Mohanbhai Bedia transferred 73,15,288 equity shares to investor Riyaz Suterwala through a secondary sale.

Transaction Rs. 205.05 per equity share, making a total of Rs. 150 crores.

After the acquisition, Suterwala will hold 2.59 percent of the company’s pre-offer equity share capital.

Silver Consumer Electricals floated in the Securities and Exchange Board of India (SEBI) in August last year through an initial public offering (IPO) of Rs. 1,400 crore filed its draft red herring prospectus (DRHP).

A proposed issue of Rs. 1,000 crore in fresh issue of equity shares and promoter Vinit Dharamshibhai Bedia’s Rs. 400 crore including Offer for Sale (OFS).

The company will use the funds to repay debt and for general corporate purposes.

Based in Rajkot, Gujarat, Silver Consumer Electricals manufactures pumps, motors and agricultural equipment under the ‘Silver’ brand.

Established in 1981, the company caters to residential, agricultural and industrial applications through its integrated manufacturing operations.