IPO Alert: Powerica planning Rs 800 crore issue
The company is looking to raise Rs 800 crore and market buzz suggests that it is in talks with various banks to file the draft prospectus.
The generator manufacturer in 2011 had shelved its IPO plans looking at the weak secondary market conditions. It had filed its prospectus with the SEBI, eyeing to raise Rs 600 crore through issuance of 41 lakh equity shares.
Standard Chartered Private Equity (SCPEL) which had invested Rs 150 crore in Powerica and bought Rs 50 crore from one of its promoters in October 2007 is planning to part-exit its 10 -year-old investment through this IPO.
At present, SCPE enjoys about 11.7% stake in the company. Though, how much it would sell is not ascertained.