New Delhi, Feb 29 (PTI) Farm equipment manufacturer Sona Machinery on Thursday said it has filed draft papers with NSE's small and medium enterprise platform, NSE Emerge, to raise funds through an Initial Public Offering (IPO).

The IPO is entirely a fresh issue of 36.24 lakh equity shares, the company said in a statement.

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Proceeds from the issue will be utilised for setting up a new manufacturing unit to expand its operational capabilities and manufacturing output to cater to the ever-rising demand for its products among customers.

Through these measures, Sona Machinery aims to fulfil the growing demand for grain-processing equipment across the domestic market in India as well.

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For fiscal 2023, Sona generated revenue from operations of Rs 80.97 crore and profit after tax of Rs 7.71 crore.

Hem Securities will be the sole book-running manager for the proposed offering.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)