BGR Energy to raise Rs 438 cr via IPO route

New Delhi, Nov 29 (UNI) BGR Energy Systems Ltd, energy equipment supplier, will raise about Rs 438 crore at its upper band through its initial public offer (IPO) fixed at a price band of Rs 425 to Rs 480 a share.

The issue of 91,36,000 shares of Rs 10 each, through 100 per cent book building process, will open on December 5 and close on December 12.

The net issue to the public will be 86,36,000 equity shares after allowing for reservation of up to 5,00,000 equity shares for employees.

The company will utilise the net proceeds of the issue to augment long term working capital requirements, expand production capacity by establishing additional manufacturing facilities in India, China and the West Asia and fund expenditure for general corporate purposes.

The issue will constitute 12.69 per cent and the net issue will constitute 11.99 per cent of the fully diluted post issue paid-up capital of the company.

SBI Capital Markets Ltd, Kotak Mahindra Capital Company Ltd, UBS Securities India Private Ltd and CLSA India Ltd are the book running lead managers (BRLMs) for the issue.

UNI