Tolins Tyres files Rs 230-cr IPO

New Delhi: Tolins Tyres Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs230 crore through an initial public offering (IPO). The Kerala-based company’s initial share-sale is a combination of fresh issue of equity shares worth Rs200 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs30 crore, according to the draft red herring prospectus (DRHP) filed on Friday.

Promoters -- Kalamparambil Varkey Tolin and Jerin Tolin-- will offload shares worth Rs15 crore each through the OFS route. They own 83.31 per cent stake in the company at present. The company may consider raising Rs25 crore in a Pre-IPO placement round.