KMCL to Raise Rs.67 Cr from IPO
Chennai based Battery-operated electric vehicles manufacturer, 
Kabirdass Motor Company Ltd (KMCL), has secured the approval of SEBI for its upcoming IPO to raise up to Rs 67 crore.
It is expected to hit the market in the next 2 months.
The proceeds will be used for expansion of its existing facilities and manufacturing spare parts of electric scooters to reduce the cost and realise better margins on the product.
Additional assembly lines would also be set up to increase the installed capacity from 40, 500 units to 2,00,000 units after the expansion.
Keynote Corporate Services Ltd. and Canara Bank are the book-running lead managers while Cameo Corporate Services Ltd. is the registrar to the issue.
Transaction Reference: SEBI
KMCL formed in 2006, is part of Kabirdass group of companies which is in business for the past 42 years and comprises of Best Cast IT Ltd. Kabirdass Motor Company Ltd., S.R.K. Casters and Shareway Securities Ltd.
KMCL develops and commercializes zero emission vehicles ("ZEV") in the name of 'XITE'. It is a group company of Best Cast IT Ltd (Best Cast), a leading aluminum casting and machined automobile parts manufacturing company.
The company is also developing new models of electric scooters suiting the requirements of different type of customers.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 21/05/10 | Kabirdass Motor Company Ltd - IPO | IPO / Offerings | 13.05 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 03/05/12 | Private Equity | Monetary Authority of Singapore | Samvardhana Motherson Finance Limited | 41.72 | Completed |
| 26/04/12 | Private Equity | International Finance Corporation | ATC Tires Private Limited | 160.00 | Planned |
| 26/04/12 | Private Equity | Commercial Engineers & Body Builders Co. Limited | - | Completed | |
| 25/04/12 | IPO / Offerings | Samvardhana Motherson Finance Limited | 315.88 | Called Off |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Kabirdass Motor Company Limited | Murali Kabirdass & Group Best Cast IT Limited |
Best Cast House, No 16,Poonamallee High Road, Velappanchavadi, Chennai–600077. | TVS Motor Company Limited | www.kabirdass.com |
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