TD Power IPO to hit mkt tomorrow

AC generator maker TD Power Systems plans to enter the capital market tomorrow to raise around Rs 227 crore for expansion and debt repayment.

The issue, which will open for subscription tomorrow, will close on August 26, TD Power Systems said in a statement.

The price band has been fixed at Rs 256-261 per equity share of Rs 10 each. The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.

The company proposes to utilise the proceeds of the Issue mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office in Bangalore.

 

The net proceeds of the issue will also be utilised for repayment of debt, fund working capital requirements and for other general corporate purposes, the statement said.

As June 30, 2011, the company's cumulative order book stood at Rs 1,094.68 crore.

The company's clientele base comprises of companies operating in the industrial sector and includes cement, steel, paper, chemical, metals, sugar co-generation, bio-mass power plants, hydro-electric power plants, etc.

Enam Securities is the global coordinator and book running lead manager for the Issue. Antique Capital Markets and Equirus Capital are the book running lead managers for the issue.