Happy Forgings to raise Rs1,300cr via IPO

New Delhi: Auto components maker Happy Forgings Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,200-1,300 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of up to 80.55 lakh shares by a promoter and a selling shareholder, according to the draft red herring prospectus (DRHP) filed on Monday. As part of the OFS, 53.7 lakh equity shares will be offloaded by Paritosh Kumar Garg (HUF) and up to 26.85 lakh equity shares by India Business Excellence Fund - III.