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Power Mech Projects Limited (the "Company") will open its IPO on -August 7, 2015, with a public issue of 4,269,000 equity shares of face value of Rs. 10 each ("Equity Shares") (the "Issue").
The Company has fixed the price band at Rs. 615 to Rs. 640 per Equity Share. The Issue comprises a fresh issue of 2,128,000 Equity Shares (the "Fresh Issue") and an Offer for Sale of up to 2,141,000 Equity Shares ("Offer for Sale") by India Business Excellence Fund I, India Business Excellence Fund represented by its trustee IL&FS Trust company limited, P.Srinivasa Rao, and D.Aakashnag, a minor represented by his guardian D.S.Rao. The Issue will constitute 29.02% of the fully diluted post issue paid-up equity share capital of the company.
The Bid/ Issue closes on -August 11, 2015. The minimum Bid lot is 20 Equity Shares and in multiples of 20 Equity Shares thereafter. The Issue will be through the book building process.
The Equity Shares are proposed to be listed on the National Stock Exchange of India Limited and the BSE Limited. The Book Running Lead Managers ("BRLMs") to the Issue are Kotak Mahindra Capital Company Limited, IIFL Holdings Limited and Motilal Oswal Investment Advisors Private Limited. The registrar to the issue is Karvy Computershare Private Limited.
The Company proposes to use the IPO proceeds for funding working capital requirements of the company and general corporate purposes.
About PowerMech Projects Limited:
Power Mech Projects Limited is engaged in the business of i) Erection Work which includes erection, testing and commissioning of boilers, turbines and generators (ETC-BTG) and balance of plant (BOP) for power sector; ii) Operation & maintenance (O&M) which includes annual maintenance contracts, other repairs, renovation & modernization, residual life assessment, scheduled shutdowns, retro fits, as well as overhauling, maintenance an upgradation services for power plants; and iii) Civil works which includes various civil and construction jobs for the main plant and BOP requirements including excavation, piling, concreting, architectural and building works.
Disclaimer:
Power Mech Projects Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares and has filed a Red Herring Prospectus with the Securities and Exchange Board of India, the Stock Exchanges where the Company's equity shares are proposed to be listed and the Registrar of Companies. The Red Herring Prospectus is available on the website of the Securities and Exchange Board of India at www.sebi.gov.in and the websites of the Book Running Lead Managers at www.investmentbank.kotak.com, www.iiflcap.com and www.motilaloswal.com. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus which has been filed with the Securities and Exchange Board of India, Registrar of Companies and the Stock Exchanges including the section titled "Risk Factors" '
Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan. This announcement is not an offer for sale of securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States.
