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Powerica files preliminary papers for initial share sale

Press Trust of India  |  New Delhi 

Power solutions provider has filed preliminary papers for an initial public offer of more than 76 lakh shares.

In a Draft Red Herring Prospectus (DRHP) filed with markets regulator Sebi, Powerica said listing of its shares would enhance the company's brand name and provide liquidity to the existing shareholders.

The IPO would be for up to 76,18,427 shares, including sale of shares by promoter group entities and two employees.

Among others, promoters Naresh Chander Oberoi, and would offload up to 58,03,229 shares.

The offer also includes a reservation for purchase by eligible employees, as per the DRHP.

"Our company expects that the proposed listing will also provide a public market for the equity shares in .. Our company will not receive any proceeds from the offer," it added.

The company is an end-to-end power solution provider of diesel generator sets and is an original for Cummins

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 11 2019. 17:17 IST