Laser Power & Infra has received market regulator -- Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 1,200 crore through an initial public offering (IPO). As per the draft red herring prospectus (DRHP), the proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 800 crore and an offer for sale (OFS) worth up to Rs 400 crore.
The company proposes to utilise the net proceeds from the fresh issue primarily towards pre-payment or repayment, in full or part, of certain outstanding borrowings amounting to Rs 600 crore, with the remainder earmarked for general corporate purposes.
Laser Power & Infra, incorporated in 1988, operates across manufacturing and engineering, procurement and construction (EPC) segments, catering to the power transmission and distribution sector.
