IRM Energy on Wednesday announced a price band of Rs 480-505 per share for its initial public offering that will open for subscription on October 18.
The Initial Public Offering (IPO), through which the company aims to raise up to Rs 545 crore, will close on October 20.
It has a fresh issue of up to 1.08 crore equity shares.
Karan Kaushal, the chief executive of the company, said, it plans to use about Rs 307.26 crore from the issue proceeds for funding capital expenditure requirements for developing the city gas distribution network in Namakkal and Tiruchirappalli in Tamil Nadu in the coming years.
He also said that Rs 135 crore would be used for prepayment or repayment of some of the outstanding borrowings of the company and for general corporate purposes.
The company will mobilise Rs 518.4 crore and Rs 545.4 crore at the lower and upper end of the price band, respectively.
The offer also includes reservation for subscription by eligible employees, and a discount of Rs 48 per
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