PME Power Solutions expects to raise Rs 300-400 crore from IPO
Electrical transformer maker PME Power Solutions plans to raise about Rs 300-400 crore through an initial share sale.
By PTI | Updated:
NEW DELHI: Electrical transformer maker PME Power Solutions plans to raise about Rs 300-400 crore through an initial share sale.
The firm has filed preliminary papers with market regulator Sebi for the IPO of more than 1.14 crore equity shares that would constitute 25 per cent of PME Power's fully-diluted post issue paid-up share capital.
PME Power expects to mop up about Rs 300-400 crore from the offering, according to market sources.
The proceeds would be utilised for making investments in manufacturing facilities, expansion activities, for repaying debt and general corporate purposes.
In 2010-11, PME had recorded a profit of Rs 75.18 crore on revenues of Rs 415.72 crore. About 75 per cent of the company's revenues come from the African region.
PME has also received an EPC contract in Zambia, which is worth about USD 64 million. The order has been awarded by Zambian power utility firm ZESCO Ltd. The entity is also exploring markets for Amorphous Metal Distribution Transformers (AMDT) in Zambia and Zimbabwe.
The firm has filed preliminary papers with market regulator Sebi for the IPO of more than 1.14 crore equity shares that would constitute 25 per cent of PME Power's fully-diluted post issue paid-up share capital.
PME Power expects to mop up about Rs 300-400 crore from the offering, according to market sources.
The proceeds would be utilised for making investments in manufacturing facilities, expansion activities, for repaying debt and general corporate purposes.
In 2010-11, PME had recorded a profit of Rs 75.18 crore on revenues of Rs 415.72 crore. About 75 per cent of the company's revenues come from the African region.
PME has also received an EPC contract in Zambia, which is worth about USD 64 million. The order has been awarded by Zambian power utility firm ZESCO Ltd. The entity is also exploring markets for Amorphous Metal Distribution Transformers (AMDT) in Zambia and Zimbabwe.
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