RR Kabel, India's fifth largest branded wires and cable manufacturer, plans to use funds raised through the IPO to repay or prepay borrowings, in part or in full, from banks and financial institutions, according to the prospectus. It did not say what percentage of its equity it planned to float or on which exchange.
TPG Asia VII SF Pte Ltd, a U.S.-based private equity firm, holds a 20.99% stake in RR Kabel and will sell some of its stake in the IPO, the prospectus shows.
RR Kabel's business is primarily business-to-consumer sales of wires and cables products.
($1 = 81.7200 Indian rupees)
(Reporting by M. Sriram and Shivangi Acharya; Editing by Susan
Fenton)
