Times Green Energy (India) Limited, a Hyderabad-based company is set to launch its IPO on June 16 wherein it expects to raise ₹405.04 lakh.
The company has set an issue price of ₹61 per a share of ₹10 face value with a premium of ₹51 per share. The issue opens on June 16 and closes on June 22.
Of the shares to be issued by the company, 40,000 shares are reserved for market makers (financial institutions) and remaining 6,24,000 shares will be issued to retail investors, according to a statement.
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Aaryaman Financial Services Limited is acting as lead managers for this issue.
All-woman board
Promoted by a group of women entrepreneurs and engaged in the business of farming, the all-woman board is headed by Lakshmi Jumaaldinne, it’s MD. It has recently entered into the Woman Hygiene and Safety segment with the launch of sanitary napkins, baby and adult diapers.
The company recently entered the e-commerce segment with Bharat Bazar as its brand name. From a turnover of ₹10 lakh in the first year of operations, the company has achieved a turnover of ₹20 crore in the financial year 2019-20.
It plans to utilise the issue proceeds to upgrade its Corporate Office Infrastructure, to set up various mini manufacturing units to process and manufacture products and for its working capital requirements.