Engineering,
procurement and construction (EPC) services provider A2Z Maintenance and
Engineering Services will be listing its equity shares on exchanges on
December 23. It has fixed an issue price at lower end of price band of
Rs 400-410 a share.
The issue was just managed to sail through, which was subscribed 0.96 times
 |
The company raised Rs 776.25 crore
through IPO of 1,94,07,750 equity shares; it consists of fresh issue of
Rs 675 crore and offer for sale of Rs 101.25 crore. Earlier it had aim
to raise around Rs 860 crore.
The company will not receive any proceeds
from the offer for sale. Fresh issue will be used for investment in
three biomass (bagasse)-based power cogeneration projects of 15 MW each
in the State of Punjab; investment in five biomass-based power
generation projects of 15 MW each in the State of Rajasthan; investment
in subsidiaries; repayment of a loan granted by L&T Infrastructure
Finance Company Limited (L&T Infrastructure Finance) to the company;
and working capital requirements.
A2Z Maintenance provides services to the
power transmission and distribution sector with a focus primarily on the
distribution segment.
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