Cyient's subsidiary files papers for Rs 740 crore

Electronic manufacturing services and solutions provider Cyient DLM subsidiary of Cyient Limited has filed the draft red herring prospectus (DRHP) with the Sebi to raise funds through an initial public offering (IPO). 

The wholly-owned subsidiary of IT services company Cyient is looking to raise Rs 740 crore through a fresh issue of equity shares, the company said on Tuesday and the documents were filed a day earlier.

The company may also consider raising up to Rs 148 crore by way of private placement, rights issue, preferential offer or any other method before the filing of the red herring prospectus with the Registrar of Companies.

The Proposed Listing and issue price of the IPO Shares are subject to many factors, including but not limited to the book building process under Indian regulations, receipt of applicable approvals and external factors such as prevailing market conditions and certain other considerations. As there is no assurance that the Proposed Listing will proceed, shareholders and potential investors are advised to exercise caution when dealing with the securities of the Company, the company said in the filing.