Tega Industries files IPO papers with Sebi

Tega Industries, a manufacturer of consumables for the mining industry, has filed draft papers with capital markets regulator Sebi to mop up funds through an initial share sale.

The initial public offering (IPO) is purely an offer of sale for 1,36,69,478 equity shares by promoters and an existing shareholder, according to the draft red herring prospectus (DRHP).

As a part of the offer for sale, promoters Madan Mohan Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh shares.

In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares through the offer for sale.

The equity shares proposed to be offered by Wagner in the offer for sale will also include a maximum of 86.92 lakh equity shares, which will result upon conversion of 86.92 lakh CCPP (cumulative convertible preference shares) held by the firm, the draft papers noted.

The conversion of CCPP will be completed before filing the red herring prospectus with the RoC, it added.

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The Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry through its wide product portfolio.

Axis Capital and JM Financial have been appointed as merchant bankers to advise the company on the public issue. The shares of the company will be listed on BSE and NSE.