New Delhi, Aug. 26 -- Ardee Engineering Limited has obtained approval from SEBI to raise Rs.580 crore through an initial public offering (IPO), according to a recent update on the capital markets regulator's website.

The Hyderabad-based company's public offering comprises a fresh issue of equity shares valued at Rs.500 crore and an offer for sale of equity shares totaling up to Rs.80 crore, offered by the promoter Chandra Sekhar Moturu, as stated in the draft red herring prospectus (DRHP).

Ardee intends to allocate Rs.279.6 crore from the net proceeds of the fresh issue for capex needs related to establishing two new manufacturing facilities in Seetharampur, Telangana; Rs.44.8 crore for developing a new integrated manufacturing facility...