DEE DEVELOPMENT ENGINEERS LIMITED FILES DRHP WITH SEBI
Dee Development Engineers Limited, an engineering company providing specialized process piping solutions for industries such as oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing, files its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The Company plans to raise funds through offer of equity shares (face value ₹ 10 each) through initial public offerings. The offer comprises of fresh issue of Equity Shares aggregating up to ₹ 325 crore and offer for sale up to 7,900,000 equity share by Selling Shareholders.
The company proposes to utilize net proceeds from fresh issue towards- Funding working capital requirements of Company; Prepayment or repayment of all or a portion of certain outstanding borrowings availed by Company and its Subsidiaries, DEE Piping Systems (Thailand) Co. Limited and DEE Fabricom India Private Limited; and General corporate purposes.
Dee Development Engineers Limited currently is ranked as one of the leading process pipe solution providers in the world, in terms of technical capability to address complex process piping requirement arising from multiple industrial segments. (Source: D&B Report) At present, company is the largest player in process piping solutions in India, in terms of installed capacity. (Source: D&B Report).
The Offer for Sale comprises of – up to 7,900,000 Equity Shares by Krishan Lalit Bansal (the Selling Shareholder). (The “Offer for Sale”).
The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”).
SBI Capital Markets Limited & Equirus Capital Private Limited are the Book Running Lead Managers to the issue.