IRM Energy has received the Securities and Exchange Board of India’s (SEBI's) approval to float an initial public offering (IPO). The IPO comprises fresh issue of up to 1.01 crore equity shares by existing shareholders.
Proceeds from the issue will be used to fund capital expenditure requirements for development of the city gas distribution network at Namakkal and Tiruchirapalli in Tamil Nadu, for payment of debt and other general corporate purposes. The company is expected to fetch Rs 650-700 crore through the IPO.
IRM Energy provides piped natural gas (PNG) and compressed natural gas (CNG). It has operations in states including Gujarat, Punjab and Tamil Nadu.
