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M and B Switchgears IPO opens for subscription today
The 50-lakh equity shares' IPO of Transformer manufacturer M and B Switchgears has opened for subscription today. The company plans to raise more than Rs 90 crore through the issue by diluting 25% post issue.
The 50-lakh equity shares' IPO of Transformer manufacturer M and B Switchgears has opened for subscription today. The company plans to raise more than Rs 90 crore through the issue by diluting 25% post issue.
The company intends to use funds for setting up new grid connected 4 MWp solar photovoltaic power plant at Gagorni village, Rajghar district in Madhya Pradesh.
The issue will close on October 5, 2011. The issue price band has been fixed at Rs 180-186 a share.
Bids can be made for a minimum of 30 equity shares and in multiples of 30 shares thereafter.
The company is engaged in manufacturing distribution, power, furnace and special purpose transformers.
Its existing annual production capacity in terms of KVA is 75,000 KVA of transformer per month on single shift basis. Our annual aggregate capacity is 9,00,000 KVA per annum, as per draft red herring prospectus filed in January 2011.
Promoter Shyam Sunder Mundra's stake will be reduced to 27.76% from 37.01% post issue. Promoters' will hold 70.69% stake in the company post issue.
D & A Financial Services Private Limited is the book running lead manager to the issue.
