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: Assam Reports First COVID-19 Case, 4-year-old Tests Positive in Jorhat
Apart from Neccon Power, Ahmedabad based Narmada Bio-Chem has also filed draft red herring prospectus with the regulator to launch IPO. Also Read - Assam Lecturer Arrested For 'Derogatory' FB Post Against PM, Sent To 4-day Judicial Custody
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 - Filmfare 2020 Guide: All You Need to Know About The 65th Filmfare Awards Happening in Assam Tonight
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.