Gremach to raise Rs 59 cr through IPO
Construction equipment leasing company Gremach Infrastructure on Wednesday said it plans to tap the capital market through the initial public offer (IPO) route to raise around Rs 59 crore for part funding its expansion projects, which include sett...
By PTI |
NEW DELHI: Construction equipment leasing company Gremach Infrastructure on Wednesday said it plans to tap the capital market through the initial public offer (IPO) route to raise around Rs 59 crore for part funding its expansion projects, which include setting up of an equipment bank.
The issue, which opens for subscription tomorrow and closes on March 14, has been priced in a range of Rs 75 to Rs 90 per share. The company plans to raise Rs 59 crore through the issue, 10 per cent of which would be reserved for its employees.
"The proceeds of the issue would be used in part funding our expansion projects. We are looking at setting up a infrastructure equipment bank. The company is also looking at the possibility of manufaturing construction equipment from next year," Gremach Managing Director Rishi Raj Agarwal told reporters here.
The issue is being made through a 100 per cent book building process wherein up to 50 per cent of the net issue size would be allocated to qualified institutional buyers, he said, adding the shares would be listed on Bombay Stock Exchange.
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