TD Power IPO priced at Rs256-261 a share
23 Aug 2011
The Rs227-crore initial public offer (IPO) of power generator manufacturer TD Power Systems will open tomorrow. The issue is at a price band of Rs256 to Rs261.
The company proposes to use the proceeds of the issue mainly for financing its expansion plans. The company has a manufacturing facility in Bangalore.
"We plan to use the issue proceeds mainly to finance expansion of our existing manufacturing plant in Dabaspet, Bangalore, repay debts and fund working capital requirements among others," TDPS joint managing director Nikhil Kumar said.
The issue, with a face value of Rs10 per share, will close on 26 August.
TD Power, which is known for AC power generators, also executes turbine generator island projects with output capacity of up to 52 MW using Japanese technology.
It is undertakes engineering, procurement and construction (EPC) business through its subsidiary DF Power Systems for executing boiler-turbine generator island projects as also work related to balance of plant for steam turbine power plants with an output capacity of 52 to 150 MW.
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