Cyient subsidiary files preliminary papers with SEBI to raise Rs 740 crore through IPO

Jan 10, 2023 IST5 Min(s) ReadJan 10, 2023 IST3 Min(s) ReadJan 10, 2023 IST6 Min(s) ReadJan 10, 2023 IST4 Min(s) ReadThe IPO will comprise of a fresh issue of equity shares worth Rs 740 crore from Cyient DLM. The unit can further issue equity shares worth Rs 148 crore at its discretion in consultation with book-running lead managers and as permitted under applicable law.The issue may comprise a reservation for eligible employees, and a reservation for eligible Cyient Shareholders.The company had spun off its design-led manufacturing (DLM) into a separate division, Cyient DLM. The company in November appointed a new Chief Executive Officer (CEO) and a Chief Operating Officer for Cyient DLM to strengthen its leadership.

The DLM business contributes to 15 percent of Cyient's topline.Cyient is a leading global engineering, manufacturing, and digital technology solutions company. It provides services and solutions to a diversified base of over 300 customers, including 29 Fortune 500 companies, across multiple industries.Shares of Cyient are currently trading 1.5 percent higher at Rs 842.65.Also Read: Cyient seeks to spin-off a unit but wants to remain involved in it too — here's why