Precision Camshafts to list on Monday

New Delhi, Feb 5: Precision Camshafts, which competed a Rs 240-crore public offer later last month, today said it will debut on stock exchanges on Monday.

The company's share sale programme was the first initial public offering of 2016. The Solapur, Maharashtra-based Precision Camshafts manufactures and sells over 150 types of camshafts for small and mid-sized passenger vehicle engines to a large number of companies, including some overseas OEMs.

In separate circulars, both the BSE and NSE said effective Monday, (February 8), the equity shares of Precision will be listed and traded on the exchanges.

The Rs 240-crore public float, closed on January 29, was subscribed by 1.89 times at a price band of Rs 180-186 per share.

The company had said the proceeds from the issue would be utilised for setting up a machine shop for ductile iron camshafts at its unit at Solapur in Maharashtra, which is being put up for Rs 200 crore, and for other general corporate purposes.

The company also plans to set up two more new machine shops for ductile iron camshafts and assembled camshafts by 2018.

PTI