Mumbai, Dec 5 (UNI) Transformer and Rectifiers India plans to raise about Rs 136 crore through Initial Public Offering (IPO) for its Moria project in Gujarat.
The company today announced that it will enter the capital market with an IPO of about 30 lakh equity shares of Rs 10 each for cash at a premium under 100 per cent book building process.
The issue, with price band fixed between Rs 425 and Rs 465 per equity share, will be opened for subscription between December 7 to December 12.
Speaking on the ocassion, company chairman and managing director Jitendra Mamtora said the object of the proposed issue was to finance the setting up of a greenfield manufacturing facility at Moria near Ahmedabad for manufacturing wide range of advanced transformers and to part-finance incremental working capital requirements.
The equity shares of the firm are proposed to be listed on Bombay Stock Exchange and National Stock Exchange of India. The issue will constitute 23.17 per cent of fully diluted post-issue paid-up capital of the company and the net issue will constitute 22.01 per cent of the same.
Out of the total equity offer, at least 60 per cent of the net issue shall be allocated to qualified institutional buyers on a proportionate basis out of which 5 per cent will be available for the allocation on proportionate basis to mutual fund only, Mr Mamtora added.