The Rs 227-crore IPO of TD Power Systems, manufacturer of AC generators, has been subscribed 0.50 times on day one, as per data available on NSE website.
Qualified institutional investors helped the issue today; their reserved portion fully subscribed. Major bids have been received at lower end of price band of Rs 256-261 a share.
Even anchor book was subscribed at lower end of price band; company received commitment of Rs 33.4 cr from anchor investors.
The company proposes to utilize the net proceeds of the issue, which closes on August 26, 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.
In addition to manufacturing AC Generators, the company 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.
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