IRM Energy is into Oil & Gas City Gas Distribution and is looking raise funds through Fresh Issue
IRM Energy IPO Update:
Irm Energy Limited IPO: Ahmedabad based IRM Energy Limited established in the year 2015 and is into Oil & Gas - City Gas Distribution sector.
Company is promoted by Dr. Rajiv Indravadan Modi, Cadila Pharmaceuticals Limited and IRM Trust.. Pre-Offer Promoter and Promoter group stake in the company is 67.94%.
IRM Energy Limited has filed Red Herring Prospectus (RHP) for proposed initial public offer (IPO). Total issue size is INR 545 Crores calculated on upper price band (face value of INR 10 per share) via initial public offering.
. HDFC Bank, BOB Capital Markets have been appointed as lead merchant bankers for the proposed IPO. It has appointed Link Intime (India) Pvt. Ltd. as Registrar and Share transfer Agent.
Details about upcoming IPO:
As per the details available in RHP, Price band is Rs 480 to Rs 505 with lot size of 29 shares and in multiples thereof. Objects of the issue is 1) Funding capital expenditure requirements for development of the City Gas Distribution network in the Geographical Areas of Namakkal and Tiruchirapalli (Tamil Nadu)in Fiscal 2024, 2025 and 2026 - Rs. 307.3 cr., 2) Prepayment or repayment of outstanding borrowings - Rs. 167.5 cr., and 3) General Corporate Purpose.
IPO Dates:
IPO will open on October 18, 2023 and close on October 18, 2023. Tentative date of listing on stock exchanges is October 31, 2023
Want to know more details about the IPO, please visit here IRM Energy Limited
Source: SEBI, BSE, NSE, DRHP, IRM Energy, Industry Data
Disclaimer: Above article only publishes details about the IPO and for educational purpose only. It doesn't solicit or invite any interest to invest in any kind of securities. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.
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