TD Power Systems to list shares on September 8

Manufacturer of AC generator TD Power Systems will list its equity shares on exchanges on Thursday, September 8, 2011.

The company raised Rs 227 crore through the issue of 88,67,187 equity shares at lower end of price band of Rs 256-261 a share, diluting 26.68% stake.

The issue was subscribed 2.72 times. QIBs helped the issue with their reserved portion being subscribed 6.52 times.

Manufacturer of AC generator has output capacity in the range of 1 MW to 52 MW.

The company proposes to utilize the net 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. It also proposes to utilize part of the net proceeds to repay debt, fund working capital requirements and for other general corporate purposes.

It also executes Turbine Generator (TG) island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with TD Power generator.