Mumbai based Powerica Limited has informed the share market(BSE/NSE) that they have planning to enter capital markets with its public issue of 4,100,000 equity shares of Rs 10 each by the PE firm, promoters and company’s management executives. The company has filed a Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for the same. The premium to be decided via 100% book building process. The IPO price band has not been decided yet. The company would raise Rs 650 crore through this IPO. Powerica Limited is the largest Diesel & Gas fuelled Generator Sets Manifacturer in India.
The proceeds of the IPO amount would be used by the company to part finance the proposed 151.20 MW wind farm project and for other corporate purposes.
StanChart PE that has invested through two funds in Powerica Limited, currently holds 11.7% stake in the company. StanChart PE had invested Rs 150 Crore in Powerica and also bought shares from promoter, Naresh C Oberoi, for another Rs 50 Crore in October 2007. Its average cost of purchase comes to around Rs 363 per share, after considering bonus and stock split. It plans to sell 2,050,000 shares through IPO.
The shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).
The Book Running Lead Managers to the issue are JM Financial, Citi Group Global, IDFC Capital and Kotak Investment Bank.
Registrar of the Issue : Bigshare Services Private Linited, Mumbai.
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