Integrum Energy Infrastructure has received in principal approval from the Bombay Stock Exchange for launching IPO to fund its green energy project.
The company plans to issue fresh equity shares of 49.50 lakh and an offer for sale of 5.40 lakh equity shares, aggregating to a total issuance of 54.90 lakh equity shares in the forthcoming IPO.
The company plans to go public to finance in its subsidiary Integrum Green Assets’ solar plant for supplying green energy to commercial and industrial customers under long term Power Purchase Agreement, fund expenditure for inorganic growth through acquisitions, meet working capital requirements and other strategic initiatives, and for general corporate purposes.
Beeline Capital Advisors has appointed as the Book Running Lead Manager, while Integrated Registry Management Services will serve as the Registrar to the issue.
Integrum Green Assets is currently developing a solar power project in Karnataka.
As of March-end, the company reported revenue of ₹233 crore and EBITDA of ₹21 crore and net profit of ₹15 crore.