Bangalore based TD Power Systems Limited has informed the share market(BSE/NSE) that they have planning to enter capital markets with its maiden public issue of 9,6950,000 equity shares of Rs 10 each constituting 28.76% of post-paid up capital of the company. The IPO size will be Rs 250 crore. 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. TD Power manufactures custom designed AC Generators with output capacity in the range of 1 MW to 52 MW for prime movers such as steam turbines, gas turbines, hydro turbines, wind turbines, diesel and gas engines.
The proceeds of the IPO amount would be used by the company for expansion of its manufacturing plant at Dabaspet near Bangalore (Rs.100.76 Cr), to develop a project office in Bangalore (Rs.28.9 Cr), for repayment of debt (Rs.32.8 Cr), for working capital requirements (Rs.40 Cr) and for other corporate purposes.
Nikhil Kumar, Hitoshi Matsuo, Mohib N Khericha andSaphire Finman Services Pvt Ltd and promoter group together hold 89.45% stake in the company. The company reported a total income of Rs.745.38 Cr for FY2010 against Rs.506.57 Cr in FY2009. Its PAT in FY2010 was Rs.43.51 Cr against Rs.36.74 Cr in FY2009. For six months period ending September 2010 total income was Rs.374.44 Cr and net profit was Rs.27.26 Cr.
The Equity 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 Enam Securities, Antique Capital and Equirus Capital.
Registrar of the Issue : Karvy Conputershare Private Limited, Hyderabad.
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