Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  ACB to raise Rs415 crore through IPO
BackBack

ACB to raise Rs415 crore through IPO

The proceeds will be used for providing an exit to its existing shareholders Ganesh Chandra Mrig and Ashok Mrig

ACB will be looking to sell 30,940,000 shares with a face value of Rs10 each. Photo: Pradeep Gaur/MintPremium
ACB will be looking to sell 30,940,000 shares with a face value of Rs10 each. Photo: Pradeep Gaur/Mint

Mumbai: ACB (India) Ltd, a Gurgaon-based coal washing and power company, has applied to the market regulator to raise Rs415 crore through an initial public offering (IPO). The proceeds will be used for providing an exit to its existing shareholders Ganesh Chandra Mrig and Ashok Mrig.

The firm will be looking to sell 30,940,000 shares with a face value of Rs10 each. “Our company will not receive any proceeds of the Offer and all the proceeds of the Offer will go to the selling shareholders," the firm stated in its draft prospectus.

Edelweiss Financial Services Ltd, ICICI Securities Ltd and Macquarie Capital Securities are among the investment banks mandated to handle the issue.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Oct 2014, 10:49 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App