BizNewsConnect

Mehul Mohanka (Inset) and Tega floor

Mill liner firm Tega IPO opens on Dec 1

Price band Rs 443-Rs453 apiece

Tega is a leading manufacturer and distributor of specialized critical-to-operate and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry

Mumbai, Nov 26 (The CONNECT) - Customised wear-resistant mill liners maker Tega Industries has fixed a price band at Rs 443-453 per share for its initial public offering (IPO) opening on Wednesday. Investors can bid for a minimum of 33 equity shares and in multiples of 33 shares thereafter for the issues that closes on Friday next.

Tega is a leading manufacturer and distributor of specialized critical-to-operate and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry.

The IPO is entirely an offer for sale of up to 1,36,69,478 Equity Shares by promoters and investors. The Company, therefore, will not receive any proceeds from the Offer.

The anchor investor book will open on Tuesday. The Offer is being made through the Book Building Process.

Globally, on the basis of revenues, Tega Industries is the second-largest producer of polymer-based mill liners as of June 30, 2021.

Its product portfolio comprises more than 55 mineral processing and material handling products, that covers a wide range of solutions in the mining equipment, aggregates equipment and the mineral consumables industry.

The Company’s revenue from operations increased 17.62% from Rs 684.85 crore in fiscal 2020 to Rs 805.52 crore in fiscal 2021, primarily attributable to an increase in the sale of products, while its net profit increased from Rs 65.50 crore in fiscal 2020 to Rs 136.41 crore.

Axis Capital Limited and JM Financial Limited are the book running lead manager to the offer.

Recent News

Advertisement