Rajesh Power Services Ltd, a service provider for the power sector, today announced that it has received in-principle approval for its initial public offering (IPO) from BSE SME Exchange on October 31, 2024. The company filed a Draft Red Herring Prospectus (DRHP) with BSE SME in August 2024.
The Ahmedabad-headquartered company plans to raise approximately INR 150-160 crore from the offer, which comprises a fresh issue of 27,90,000 equity shares and an offer for sale of up to 20,00,000 equity shares, each with a face value of INR 10, through the book-building route.
The company intends to utilise INR 25.10 crore of the total IPO proceeds for capital expenditures, such as purchasing cable identification, testing, and fault location equipment (INR 17.94 crore), setting up a DC Solar power plant with a capacity of 1300 kW (INR 4.16 crore), and developing technical expertise in the production of green hydrogen and associated equipment such as electrolysers in-house (INR 3 crore). It plans to use INR 30 crore for additional working capital requirements, and the remaining capital for general corporate purposes.
Rajesh Power Services Ltd is in the business of EPC (engineering, procurement & construction) contracting and providing turnkey services to power transmission and distribution utilities/public-sector units/private entities. It also provides consultancy services related to designing of power substations and cable systems. The company has a robust order book of INR 2,358.17 crore.
Rajesh Power Services entered into solar power generation by setting up a 1MW solar power plant at Vill-Patdi in Surendra Nagar district in Gujarat in 2012. The company has registered INR 284.96 crore in revenue from operations with a profit (PAT) of INR 26.02 crore in the fiscal year 2024.
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