Oswal Pumps IPO Opens From June 13; Price Band Fixed at Rs 584
The Rs 1,387 crore issue includes a fresh issue of Rs 890 crore and an offer-for-sale of 81 lakh shares.
Karnal-based Oswal Pumps is set to launch its Rs 1,387 crore initial public offering (IPO) on June 13, with the offer closing on June 17. The company has fixed the price band at Rs 584 to Rs 614 per equity share, each having a face value of Re 1.
Established in 1970, Oswal Pumps manufactures solar-powered and grid-connected submersible pumps, monoblock pumps, electric motors, and solar modules at its facilities in Karnal, Haryana. A significant share of its revenue comes from supplying solar pumping systems under the government’s PM Kusum Scheme.
The IPO consists of a fresh issue of shares worth Rs 890 crore and an offer-for-sale (OFS) of 81 lakh shares by the promoter selling shareholder, amounting to Rs 497.34 crore.
Proceeds from the fresh issue will be used to repay debt of Rs 280 crore, invest Rs 272.75 crore in setting up a new manufacturing unit, allocate Rs 89.8 crore for capital expenditure, repay borrowings of Rs 31 crore by a wholly owned subsidiary, and fund general corporate purposes.