Standard Glass Lining Tech files IPO papers with Sebi to raise funds

Standard Glass Lining Technology Ltd, which manufactures specialised engineering equipment for pharmaceutical and chemical sectors, has filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO). The Telangana-based company's IPO is a combination of fresh issuance of shares worth Rs 250 crore and an Offer For Sale (OFS) of up to 1.84 crore equity shares by promoters and other selling shareholders, according to the Draft Red Herring Prospectus (DRHP). Those selling shares in the OFS include -- S2 Engineering Services, Standard Holdings, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, Katragadda Venkata Ramani and Venkata Siva Prasad Katragadda. The company may consider raising up to Rs 50 crore in the pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh to the extent of Rs 130 crore will be used for payment of a debt, Rs 30 crore for investment in a