Silver Consumer Electricals concludes Rs 150 cr pre-IPO secondary share sale

Silver Consumer Electricals concluded a Rs 150 crore pre-IPO secondary share sale, with promoter group member Dharamshibhai Mohanbhai Bediya transferring about 73.15 lakh equity shares at Rs 205.05 each to investor Riyaz Suterwala, who will hold a 2.59 percent stake post-acquisition. The Rajkot, Gujarat-based company, which filed its DRHP last August to raise up to Rs 1,400 crore via IPO (Rs 1,000 crore fresh issue and Rs 400 crore OFS), manufactures pumps, motors and agricultural equipment under the 'Silver' brand. Proceeds from the IPO will be used to repay debt and for general corporate purposes.