Photo: Bloomberg
Photo: Bloomberg

Precision Camshafts to make stock market debut on Monday

Precision Camshafts plans to set up two more machine shops for ductile iron and assembled camshafts by 2018

New Delhi: Precision Camshafts Ltd, which completed a 240 crore public offer last month, will list its shares 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 original equipment manufacturers.

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

The 240 crore public offer, which closed on 29 January, was subscribed by 1.89 times at a price band of 180-186 per share. The company had said the proceeds from the issue would be used for setting up a machine shop for ductile iron camshafts at its unit at Solapur in Maharashtra, which is being put up for 200 crore, and for other general corporate purposes.

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