Power Mech raises Rs 82 crore from anchor investors

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Power Mech Projects, a power infrastructure services company, has raised Rs 82 crore from anchor investors.

The company's initial public offering (IPO) opened for subscription on Friday and would close on August 11, 2015.

During its meeting yesterday, the IPO committee of the company finalised allocation of 12.80 lakh equity shares to anchor investors at a price of Rs 640 per share, aggregating to Rs 81.96 crore, the company said in a statement.

The anchor investors include DSP BlackRock India T.I.G.E.R. Fund, Morgan Stanley Mauritius Company Limited and Tata AIA Life Insurance Company. The company has fixed a price band of Rs 615-640 per equity share for the issue.

Based on the price band, the company could garner between Rs 262.5 crore and Rs 273.2 crore through its initial share sale programme.

The proceed of the issue would be utilised towards expanding the company's presence globally and to meet working capital requirements. Kotak Mahindra Capital, IIFL Holdings and Motilal Oswal Investment Advisors will manage the company's IPO.

Power Mech is engaged in three business verticals, including erection, testing and commissioning of boilers, turbines and generators and balance of plant (BOP) for power sector, operation and maintenance and civil works which include construction jobs for the main plant and BOP requirements.