Tecpro to raise Rs 268 cr via IPO

Tecpro Systems, a material handling company, plans to raise around Rs 268 crore through an initial public offer (IPO).

Ajay Bishoni, chairman and managing director, Tecpro Systems Ltd, told reporters here on Thursday that of the amount raised through the IPO, Rs 222 crore would be used for working capital needs and the rest would go to investors.

The offer includes a fresh issue of up to 62.5 lakh equity shares and an offer for sale of up to 13 lakh shares by Metmin Investments Holdings Ltd. Tecpro is making a net offer to the public of 73.5 lakh shares and a reservation of 200,000 equity shares for subscription by eligible employees. The issue would constitute 14.96 per cent of the post-offer share capital of company.

Bishoni said that post the IPO, the stake of Metmin Investment Holdings in Tecpro Systems, which it held since 2006, would come down to 8.5 per cent from the current 12 per cent.

Tecpro provides turnkey solutions in material handling, ash handling, balance of plant and EPC contracts to core infrastructure sectors including power, steel and cement.