New Delhi, Sep 28 (PTI) Assam-based Neccon Power and Infra has filed draft papers with capital markets regulator Sebi to float an initial public offering (IPO). Also Read - Coronavirus in India LIVE April 5 Updates
Apart from Neccon Power, Ahmedabad based Narmada Bio-Chem has also filed draft red herring prospectus with the regulator to launch IPO. Also Read - Football: UEFA Denies August 3 Deadline For Champions League Conclusion
Neccon Power’s initial issue will see sale of up to 1,27,00,000 and Narmada Bio-chem will offer 72,00,000 equity shares according to the draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi). Also Read - Shahid Afridi, Jahangir Khan Come Forward to Help Minorities in Fighting Coronavirus Pandemic
The fund raised will be utilised for the working capital requirements and general corporate purposes, the firms said.
PL Capital Markets Private will manage Neccon’s IPO, while that of Narmada Bio-Chem, Pantomath Capital Advisors Ltd is the Book Running Lead Manager.
Neccon Power is engaged in the power transmission and distribution sector and provides engineering, procurement and construction (“EPC”) services.
Narmada Bio-Chem manufactures various types of chemical and organic fertilizers.
This is published unedited from the PTI feed.