Dinesh Engineers sets price band for IPO

New Delhi: Dinesh Engineers, a passive communication infrastructure provider firm, on Wednesday said it has fixed a price band of ₹ 183-185 per equity share for its initial public offering (IPO), through which it is estimated to raise ₹ 185 crore. The company’s IPO will be open for public subscription on September 28 and close on October 3, it said in a statement.

“The initial public offering (IPO) consists of up to 1,00,00,000 equity shares,” it added. At the higher end of the price band, the company is expected to fetch ₹ 185 crore through its initial share-sale.

Proceeds of the issue will be used for expansion of business by setting up of further optical fibre cable (OFC) network, to fund expenditures towards general corporate purposes and meet public issue expenses.

The issue is being managed by Hem Securities and the the equity shares of Dinesh Engineers will be listed on the BSE and NSE.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.