PDI plans to divest 26.62% stake

Power equipment maker PCI today said it has filed a draft red herring prospectus with the market regulator Sebi for divesting 26.62 per cent of its stake and raise an unspecified amount through an IPO.

The company plans to offer 50 lakh shares of Rs 10 each for the issue, which will be carried out through a 100 per cent book building process, PCI Ltd said in a statement.

"The issue constitutes 26.62 per cent of the fully diluted post issue paid-up capital of the company," it added.

The exact price band of the shares to be offloaded would be decided later with SPA Merchant Bankers, who would be acting as book running lead managers.

PCI's major business activities include manufacturing, assembling and marketing of a range of equipment, instruments and systems relating to power, energy, telecom, railways, aviation and other sectors.

Its major clients include state sector firms like BHEL, NTPC and IRSO.