SAEL files DRHP for Rs 45.75 billion IPO

SAEL Industries has filed DRHP with the SEBI to raise Rs 45.75 billion through an IPO. The IPO comprises a fresh issue of Rs 37.5 billion and an OFS component of Rs 8.25 billion by Norfund, an investor shareholder. The company may also consider a pre-IPO placement of shares up to Rs 7.5 billion. The proceeds from the IPO up to Rs 28.13 billion will be invested in subsidiaries for repayment of debt, while the remaining funds will be utilised for general corporate purposes.