TD Power Systems, manufacturers of AC generators, on Tuesday announced plans to raise Rs 227 crore through its initial public offering. The IPO will open on August 24 and close on August 26. The price band for the issue has been fixed at Rs 256 to Rs 261.
Around Rs 100 crore from the proceeds of the issue will be used to fund the expansion activities of their manufacturing plant in Dabaspet, Bangalore. The remaining is to be used for the construction of a project office in Bangalore city and repayment of debt, said the company in a press release.
Besides AC generators, the company also manufactures custom-designed generators. It also executes Turbine Generator island projects for steam turbine power plants with output capacity up to 52 MW.