New Delhi Jan 28 (UNI) Shriram EPC Ltd today said it plans to raise about Rs 165 crore through initial public offering (IPO) of 50 lakh shares of Rs 10 each at price band Rs 290-330 per share.
''We are aiming to raise Rs 144-165 crore through our IPO and plans to invest the funds in our subsidiary and associate companies, purchase of plant and equipment for pipe rehabilitation projects,'' company Managing Director M Amjad Shariff told reporters here today.
The issue will open on January 29 and close on February 1.
The Chennai-based company also plans to use the some amount from the IPO proceeds for acquisition, he added.
Mr Shariff said the firm will invest a total of Rs 50 crore in its subsidiary and associate company -- Shriram Leitwind Ltd and Leitner Shriram Manufacturing Ltd respectively -- and another Rs 50 crore in Orient Green Power Company.
The company, engaged in manufacturing of 250 KW wind turbine generators, will dilute 11.66 per cent of the its fully diluted post-issue paid-up capital through the issue.
Out of the total share being offered, 60 per cent will be allocated to qualified institutional buyers (QIB), 30 per cent for retail investors, beside allocating 30 per cent to the ratail individual bidders.
The Global Co-ordinator and Book Running Lead Manager (GBRLM) to the issue is Kotak Mahindra Capital Company Ltd and the Book Running Lead Manager (BRLM) is ICICI Securities Ltd.
The Co-Book Running Lead Manager (CBRLM) is Motilal Oswal Investment Advisors Private Ltd.
The issue has been graded by CRISIL Ltd and has been assigned a grade of three out of five, indicating average fundamentals.
Shriram EPC Ltd provides integrated design, engineering, procurement, construction and project management services for renewable energy projects.
UNI MP/SBA SK GC2153