To augment its power equipment manufacturing capacity and fund acquisitions, Channai-based Shriram EPC plans to raise up to Rs 165 crore through IPO of 50 lakh shares.

"We will invest a total of Rs 50 crore in our subsidiary and associate company - Shriram Leitwind Ltd and Leitner Shriram Manufacturing Ltd respectively - and another Rs 50 crore in Orient Green Power Company," Shriram EPC Ltd Joint Managing Director M Amjad Shariff told reporters here today.

Some amount from the IPO proceeds would also be utilised for acquisitions and working capital, he added.

The issue would open on January 29 and close on February 1, the company said. It has fixed a price band between Rs 290-330 per equity share of Rs 10.

The company is diluting 11.66 per cent for the IPO. From the 50 lakh shares on offer, 60 per cent would be allocated to qualified institutional buyers and 30 per cent for retail investors and remaining 10 per cent would be for the non-institutional bidders.

Shriram Leitwind is a JV between Shriram EPC and Italy's Leitner BV for marketing and sale of wind turbines and components and development of wind farm projects.

Leitner Shriram is a JV between the company and the same Italian partner to make wind turbines and components.

Shriram and Bessemer Venture Partners would together invest in their JV company Orient Green Power Company to set up various renewable energy and invest in special purpose vehicle companies.

The company is a service provider of integrated design, engineering, procurement, construction and project management services for renewable energy projects, process and metallurgical plants and wind turbine generator.

 

Source : economictimes.indiatimes.com