The funds will help Kay Jay Forgings build a new forging plant and pay down some of its existing debt.
There's also talk of a possible pre-IPO placement of ₹40 crore, which might trim the fresh issue size.
PL Capital Ltd. is managing the process.

Based in Ludhiana, Kay Jay holds 36% of India's two-wheeler crankshaft market and runs six factories across Punjab and Tamil Nadu.
Its client list features big names like TVS Motor and Mahindra & Mahindra.
In FY25, it pulled in ₹750 crore in revenue with profits rising to ₹29 crore, showing steady growth from the previous fiscal year (FY24).