SPCL sets IPO price band at Rs 17-20/share
Suryachakra Power Corporation Ltd’s public issue opens for subscription on Monday. The company has taken the book building route for its 3.4-crore equity share offering, which closes on Friday. The price band has been fixed between Rs 17 and Rs 20...
By INDIATIMES NEWS NETWORK |
MUMBAI: Suryachakra Power Corporation Ltd’s public issue opens for subscription on Monday. The company has taken the book building route for its 3.4-crore equity share offering, which closes on Friday. The price band has been fixed between Rs 17 and Rs 20 per share.
The IPO will help Suryachakra part-finance the two 10 MW power plants being set up in Maharashtra by subsidiary MSM Energy Ltd. The renewable energy (biomass) based power plants will come up in Parbhani and Amravati.
The company’s other two subsidiaries--Lahari Power and South Asian Agro--are also setting up two renewable energy based power plants of 9.8MW each in Chhattisgarh.
Suryachakra already has a 20MW power plant in the Andaman & Nicobar, set up in 2003 by Reliance Energy, which also has 4.82% stake in the company.
The IPO proceeds will also meet the company’s working capital needs for power trading and other fund requirements.
SREI Capital Markets is the book running lead manager to the issue and registrar Karvy Computershare.
The IPO will help Suryachakra part-finance the two 10 MW power plants being set up in Maharashtra by subsidiary MSM Energy Ltd. The renewable energy (biomass) based power plants will come up in Parbhani and Amravati.
The company’s other two subsidiaries--Lahari Power and South Asian Agro--are also setting up two renewable energy based power plants of 9.8MW each in Chhattisgarh.
Suryachakra already has a 20MW power plant in the Andaman & Nicobar, set up in 2003 by Reliance Energy, which also has 4.82% stake in the company.
The IPO proceeds will also meet the company’s working capital needs for power trading and other fund requirements.
SREI Capital Markets is the book running lead manager to the issue and registrar Karvy Computershare.
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