The Hindu Business Line : Triveni Engg gets SEBI nod to issue 5 crore shares

TRIVENI Engineering and Industries Ltd, manufacturer of mechanical equipment and sugar, announced the Securities and Exchange Board of India's approval for public issue of 5 crore equity shares.

The price of the shares, of Re 1 each, will be determined through a 100 per cent book building process in the price band of Rs 42 to Rs 50 per equity share. The issue opens on November 18 and closes on November 25.

The issue would constitute 19.39 per cent of the fully diluted post-issue paid-up capital of the company. JM Morgan Stanley Pvt Ltd and ICICI Securities Ltd are the book running lead managers to the issue.

The company plans to use the proceeds of the issue for establishment of a new sugar mill at Sabitgarh, Uttar Pradesh, setting up of co-gen plant at Khatauli, Uttar Pradesh and certain other expansions in turbines and gears business in Bangalore and Mysore. The expenditure on account off these expansions is expected to be Rs 259.6 crore, which will be financed through a mix of debt and proceeds of the public issue, said a company release.

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Triveni Engg gets SEBI nod to issue 5 crore shares