Powerica files preliminary papers for initial share sale of more than 76 lakh shares
11/03/2019 18:45
Power solutions provider Powerica Ltd has filed preliminary papers for an initial public offer of more than 76 lakh shares.

In a Draft Red Herring Prospectus (DRHP) filed with markets regulator Sebi, Powerica said listing of its shares would enhance the company's brand name and provide liquidity to the existing shareholders.

The IPO would be for up to 76,18,427 shares, including sale of shares by promoter group entities and two employees.

Among others, promoters Naresh Chander Oberoi, Kharatiram Kharak Puri and Bharat Naresh Oberoi would offload up to 58,03,229 shares.

The offer also includes a reservation for purchase by eligible employees, as per the DRHP.

"Our company expects that the proposed listing will also provide a public market for the equity shares in India... Our company will not receive any proceeds from the offer," it added.

The company is an end-to-end power solution provider of diesel generator sets and is an original equipment manufacturer for Cummins India.