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Shriram EPC plans IPO to fund 3 new JVs

Shriram EPC plans IPO to fund 3 new JVs
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First Published: Mon, Oct 08 2007. 12 20 AM IST
Updated: Mon, Oct 08 2007. 12 20 AM IST
Chennai: Shriram EPC Ltd, part of city-based Shriram Group, has filed a draft offer document with the market regulator to sell shares to the public, with plans to invest in three new joint venture (JV) firms in the renewable energy market.
It will issue five million equity shares, representing 11.66% of post-issue paid-up capital, to the public under the book building method, where investors are asked to quote their price and the maximum shares they’re willing to buy.
The firm had revenues of Rs300 crore for the year ended March. It gets 75% of its revenue from engineering construction contracts, with sale of wind turbines and other businesses contributing the rest. The firm’s first JV with Leitwind BV was in February to market and sell wind turbines; the second with the same firm to manufacture wind turbines and; the third with Bessemer Venture Partners Trust to set up renewable energy (biomass) projects.
Kotak Mahindra Capital Co. Ltd and ICICI Securities Ltd are lead managers to the issue. Motilal Oswal Investment Advisors Pvt. Ltd will act as co-book running lead manager.
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First Published: Mon, Oct 08 2007. 12 20 AM IST