Latest News | Shivalic Power Control Files Draft Papers with NSE Emerge

New Delhi, Mar 14 (PTI) Electric panel manufacturer Shivalic Power Control on Thursday said it has filed preliminary papers with small and medium enterprise platform NSE Emerge to raise funds through an initial public offering.

The IPO will offer a fresh issue of up to 64.32 lakh equity shares with a face value of Rs 10 each, the company said in a statement.

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The shares of the company will be listed on the Emerge platform of the National Stock Exchange (NSE).

The company intends to utilise the proceeds from the fresh issue to meet the working capital requirements and funding for capital expenditure of the company.

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Proceeds will also be used to meet out the inorganic growth through unidentified acquisitions and general corporate expenses.

Founded in 2004 by Amit Kanwar Jindal, the Faridabad-based company manufactures a diversified range of electric panels like PCC panels, IMCC panels and Smart panels, among others.

Shivalic Power Control Ltd (SPCL) serves more than 15 industrial sectors in India and abroad, including Nepal, Bangladesh and African countries like Uganda and Kenya etc.

SPCL posted a revenue of Rs 63.55 crore and a profit of Rs 7.6 crore during the nine months of the current fiscal year.

The company's revenue stood at Rs 82.15 crore and profit of Rs 7.16 crore in FY 2022-23.

Corporate Capital Ventures Pvt Ltd is the sole book-running lead manager, and Skyline Financial Services Pvt Ltd is the Registrar to the IPO.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)