Hyderabad's Midwest Granite Announces Rs 650 Crore IPO Plan

Midwest, a leading producer of Black Galaxy Granite, has filed draft papers with Sebi to raise Rs 650 crore through an IPO. The offering includes Rs 250 crore in new shares and Rs 400 crore in an offer-for-sale (OFS). Funds will be used for capital expenditure, purchasing electric dump trucks, integrating solar energy, reducing debt, and general corporate purposes.

Midwest, a prominent player in the granite industry, has filed draft papers with Sebi to launch an IPO aimed at raising Rs 650 crore.

The Hyderabad-based company's IPO will include a fresh issue of shares worth up to Rs 250 crore and an offer-for-sale (OFS) of up to Rs 400 crore by promoters. According to the draft papers filed on Monday, there will also be a reservation for subscription by eligible employees.

The funds from the fresh issuance, totaling Rs 127.05 crore, will be allocated for capital expenditure by the company's subsidiary, Midwest Neostone, for the quartz grit and powder processing plant's second phase. Additionally, Rs 25.75 crore is earmarked for purchasing electric dump trucks, Rs 3.26 crore for integrating solar energy at mining locations, Rs 53.80 crore for debt repayment, and the remaining funds for general corporate purposes.

(With inputs from agencies.)