Rays Power Infra Ltd. filed its preliminary papers with the capital markets regulator SEBI on Tuesday to raise funds via an initial public offering. The public offer will include fresh issues of shares worth Rs 900 crore, as well an offer for sale segment of shares worth Rs 250 crore.
Promoters of the company offloading a portion of their stake in the OFS include Ketan Mehta selling shares worth Rs 98.2 crore, Pawan Kumar Sharma and Sanjay Garudapally selling shares worth Rs 73.6 crore. Other investors offloading stake include Vivek Jain offering shares for sale worth Rs 4.6 crore.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.
Anand Rathi Advisors Ltd. and Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager for the issue and Bigshare Services Pvt. Ltd. will be the registrar of the issue.
Proceeds from the fresh issue will be used for investing in subsidiary Rays Green Energy Manufacturing for part-financing the establishment of a manufacturing plant, and repayment or pre-payment in full or part of certain borrowings of the company, as per the draft prospectus. A part of the funds will also be used for the general corporate purposes.
