Craftsman Automation, which is an auto-component maker has filed draft papers with Sebi, for its initial public offering (IPO).

According to the draft red herring prospectus filed with Sebi, the IPO comprises a fresh issue of equity shares aggregating up to Rs.400 crore and an offer for sale of up to 43,83,320 shares by promoters.

The promoters selling the stake include Srinivasan Ravi (2.10 lakh shares), Marina III (Singapore over 15.59 lakh), IFC (14.14 lakh) and K Gomatheswaran (up to 12 lakh). Further, the company plans to use the funds towards funding the repayment/prepayment, in full or part, of certain borrowings and for general corporate purposes.

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