Pennar Industries’ unit Pennar Engineered files DRHP for IPO; stock gains

MUMBAI: Shares of Pennar Industries surged as much as 8.25 per cent in intraday trade on Monday after its subsidiary Pennar Engineered filed a Draft Red Herring Prospectus for an initial public offering. The stock ended day at Rs 53.85, up 7.16 per cent or Rs 3.60.

"Pennar Industries has informed BSE that the Company’s subsidiary company M/s. Pennar Engineered Buildings Systems Limited has filed a Draft Red Herring Prospectus with Securities Exchange Board of India ( SEBI) on March 27, 2015. The proposed initial public offer consists of fresh issue of equity shares and offer for sale by selling shareholders," the company said in a filing to stock exchanges.