Chamunda Electricals IPO Opens Tuesday: Price Band at Rs 47-50

New Delhi, Feb 3 (PTI) Chamunda Electricals has fixed the price band at Rs 47-50 per equity share for its initial public offering which will hit the capital markets on Tuesday.

The public issue will conclude on Thursday. The company's shares will be listed on the NSE SME platform Emerge, with a projected listing date on February 11, the company said in a statement.

The initial public offering (IPO) is entirely a fresh issue of 29.19 lakh equity shares shares. At the upper end of the price band, the company will mobilise up to Rs 14.6 crore from the public issue.

Investors can bid for a minimum of 3,000 shares and in multiples thereof, it added.

Proceeds from the issue will be used to meet the capital expenditure for purchase of new testing kit and equipments, funding the working capital requirements, repayment of debt, issue expenses and general corporate purposes.

Founded in June 2013, Chamunda Electricals Ltd specialises in operating and
maintaining up to 66 KV substations, testing and commissioning for up to 220 KV
substations, and 1.5 MW solar power generation.

GYR Capital Advisors is the sole book running lead manager, while Kfin Technologies is the registrar for the issue. PTI HG