 "Oriana Power plans to raise up to Rs 60 crore through IPO, says CEO")
Oriana Power plans to come out with an Initial Public Offering (IPO) by the end of this month or early August to raise up to Rs 60 crore, its CEO Rupal Gupta said on Friday.
The proceeds will be utilised towards working capital, asset building and technology upgradation, Gupta said at a press conference.
The Draft Red Herring Prospectus (DRHP) has been filed for listing of shares on NSE Emerge.
Gupta said the IPO is expected to hit the market by the end of this month or the first week of August.
"We aim to raise around Rs 55-60 crore from the IPO," he added.
As per the DRHP, the three promoters (Rupal Gupta, Anirudh Saraswat and Praveen Kumar) currently hold 83.40 per cent in the company. Post issue, the promoters' stake in the company will reduce to 61.41 per cent.
Noida-based Oriana Power is a leading solar energy solution providers for their industrial and commercial customers.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app