DEHLI, INDIA -- An Indian regulatory agency has approved Elin Electronics Ltd. for an initial public offering.

The EMS company filed IPO papers last fall with the Securities and Exchange Board of India (SEBI) and received its observation letter on Feb. 28.

The Delhi-based company is planning to raise Rs 760 crore through the public issue.

Under terms of the IPO, existing shareholders will sell shares worth Rs 346 crore, while issuers will sell shares worth Rs 239 crore.

Elin plans to use the proceeds to pay off existing debt, improving and expanding its factories in Uttar Pradesh and Goa, and general corporate purposes.

Besides EMS, Elin makes industrial motors, tool and die, white goods, personal care products, lighting products and automotive components.

Its revenues from operations in fiscal 2021 were up 9.7% to Rs 862.38 crore, with net profit of Rs 34.86 crore.

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