Alstom T&D India to raise up to Rs 294 crore through IPP

NEW DELHI: Alstom T&D India, a subsidiary of French firm Alstom, said it will raise up to Rs 294 crore through sale of shares to institutional investors on November 29.

"Alstom T&D India is offering 16,942,500 equity shares of Rs 2 each of the company by way of an institutional placement programme (IPP) to qualified institutional buyers," the company said in a regulatory filing to stock exchanges.

The price band for the issue shall be Rs 159-174 per equity share, it said.

At the upper end of the price band, the company is expected to garner Rs 294 crore.

This is part of company's effort to meet market regulator SEBI's norm of minimum 25 per cent public shareholding in the private sector listed companies.

The company has appointed ICICI Securities as the book running lead manager to the issue.

Shares of the company closed at Rs 165.45, down 1.34 per cent on the BSE.