Om Power Transmission raises over Rs 45 crore from anchor investors ahead of IPO

Gujarat-based Om Power Transmission, the power transmission infrastructure EPC company, on April 8 has raised Rs 45.01 crore from three anchor investors, ahead of its maiden public issue opening.

The Rs 150-crore IPO will open for public subscription on April 9 with price band of Rs 166-175 per share. The offer, which is a combination of fresh issuance of 75.75 lakh shares, and an offer-for-sale of 10 lakh shares, will close on April 13.

Om Power Transmission in its Board meeting on Wednesday has finalised allocation of 25.72 lakh shares to anchor investors at the upper price band.

Mauritius-based Craft Emerging Market Fund PCC through its Elite Capital Fund and Citadel Capital Fund was the largest anchor investor, buying total 16.57 lakh shares for more than Rs 29 crore.

Morgan Stanley Asia (Singapore) picked up 5.71 lakh shares in Om Power Transmission for Rs 10 crore, while Sunrise Investment Trust through Sunrise Investment Opportunities Fund bought 3.43 lakh shares for Rs 6.01 crore.

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The company having expertise in execution of high-voltage and extra-high voltage transmission lines, substations and underground cabling projects will utilise proceeds from the fresh issue for purchase of machinery and equipment, repayment of debt, long-term working capital, and general corporate purposes.

Om Power Transmission, the EPC contractor in the power distribution segment, will finalise IPO share allotment by April 15, while its shares will be available for trading on the bourses effective April 17.