Shriram EPC plans 50 lakh share IPO

MUMBAI: Shriram EPC has filed papers with the Securities and Exchange Board of India for its initial public offer of 50 lakh equity shares of face value Rs 10 each. The 100 per cent book-build issue would constitute 11.66 per cent of the fully diluted post issue-paid up capital.

Shriram EPC is a service provider of integrated design, engineering, procurement, construction and project management services for renewable energy projects.

The company plans to raise funds to invest in its subsidiary and associate companies Shriram Letiwind, Leitner Shriram Manufacturing, and Oriental Green Power Company.

Leitner Shriram manufactures wind turbines while Shriram Letiwind sells them. Oriental Green Power is engaged in renewable energy projects including biomass based power projects.

Shriram EPC’s net income stood at Rs 300 crore and net profit stood at Rs 14.06 crore for 2006-07 (Apr-Mar) compared with Rs 145.5 crore and Rs 6.4 crore, respectively, a year ago.

Kotak Mahindra Capital and ICICI Securities are lead managers to the issue. Motilal Oswal Investment Advisors will act as co-book running lead manager.