Power Mech Projects IPO opens for subscription on August 7, 2015

Power Mech Projects Limited (the "Company") will open its IPO on - August 7, 2015, with a public issue of 4,269,000 equity shares of face value of Rs. 10 each ("Equity Shares") (the "Issue").

The Company has fixed the price band at Rs. 615 to Rs. 640 per Equity Share. The Issue comprises a fresh issue of 2,128,000 Equity Shares (the "Fresh Issue") and an Offer for Sale of up to 2,141,000 Equity Shares ("Offer for Sale") by India Business Excellence Fund I, India Business Excellence Fund represented by its trustee IL&FS Trust company limited, P.Srinivasa Rao, and D.Aakashnag, a minor represented by his guardian D.S.Rao. The Issue will constitute 29.02% of the fully diluted post issue paid-up equity share capital of the company.

The Bid / Issue closes on - August 11, 2015. The minimum Bid lot is 20 Equity Shares and in multiples of 20 Equity Shares thereafter. The Issue will be through the book building process.

The Equity Shares are proposed to be listed on the National Stock Exchange of India Limited and the BSE Limited. The Book Running Lead Managers ("BRLMs") to the Issue are Kotak Mahindra Capital Company Limited, IIFL Holdings Limited and Motilal Oswal Investment Advisors Private Limited. The registrar to the issue is Karvy Computershare Private Limited.

The Company proposes to use the IPO proceeds for funding working capital requirements of the company and general corporate purposes.

Source : Equity Bulls

Keywords