Rajesh Power Services files DRHP with BSE SME for raising funds through IPO
Rajesh Power Services (RPSL) has filed a Draft Red Herring Prospectus (DRHP) with the BSE SME to raise funds via an initial public offering (IPO).
The IPO will comprise a fresh issue of 27.90 lakh equity shares with a face value of Rs 10 each and an Offer for Sale (OFS) of up to 20 lakh equity shares, through a book-building process.
Beena Panchal, Krunal Panchal, Nehal Panchal, Rajendra Baldevbhai Patel, Praful Patel, Vishal Patel, Kalaben Kantibhai Patel and Jyotsna Ramesh Patel will be offloading their stake as part of the OFS.
RPSL intends to utilise the net proceeds from the IPO towards capital expenditure to purchase cable identification, testing and fault location equipment, to set up a DC Solar power plant having a capacity of 1300 KW, for Inhouse development of technical expertise in the production of Green Hydrogen and associated equipment such as electrolyzers.
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