IPO
Om Power Transmission’s Rs.150-Cr IPO fully subscribed
The INR 150.06-crore initial public offering of Ahmedabad-based Om Power Transmission Ltd was fully subscribed on its final day of bidding. The issue secured bids for 63,91,065 shares against 60,02,730 shares available, with qualified institutional buyers subscribing 1.18 times, non-institutional investors 1.33 times, and retail individual investors 89% of their respective portions. The price band for the IPO was fixed at INR 166 - 175 per share.The IPO consisted of a fresh issuance of INR 132.56 crore and an offer for sale of INR 17.50 crore by promoters Kanubhai Patel, Vasantkumar Narayanbhai Patel, and Kalpesh Dhanjibhai Patel.Om Power Transmission executes high-voltage and extra-high-voltage transmission lines, substations, and underground cabling projects on a turnkey basis. The proceeds from the fresh issue are intended to fund capital expenditures for machinery and equipment, repay certain outstanding borrowings, and meet long-term working capital requirements.
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