NL Corresspondent
New Delhi: Divine Power Energy Ltd, a manufacturer of insulated wires and strips, on Thursday said it plans to raise around Rs 22.76 crore through its initial public offer, which will open for public subscription next week.
The company has received approval to launch its public issue on NSE's Emerge Platform, Divine Power Energy Ltd (DPEL) said in a statement.
The company has fixed the price band at Rs 36-40 per share for the issue of 56.88 lakh shares, which will open for subscription during June 25-27, it added.
The initial public offering (IPO) is entirely a fresh issue of 56.90 lakh equity shares.
At the upper end of the price band, DPEL will fetch around Rs 22.76 crore.
DPEL proposes to utilise Rs 18 crore of the net IPO proceeds to meet its working capital requirements and plans to use the remaining capital for general corporate purposes. Investors can bid for a minimum of 3,000 shares and in multiples thereof.
DPEL manufactures copper and aluminium wires/strips insulated with paper, crepe paper, and fiberglass and supplies them to discoms and transformer manufacturers. Its clientele include TATA Power, BSES, Uttar Pradesh Power Corporation Ltd and Uttarakhand Power Corporation Ltd.
Incorporated in 2001, DPEL is promoted by Rajesh Giri and Vikas Talwar. The company posted a revenue of Rs 222.08 crore and a profit after tax of Rs 6.4 crore in FY2023-24. Khambatta Securities Ltd is the sole book-running lead manager, and Bigshare Services is the registrar to the offer.
