Prostram Info System Files Draft Papers With SEBI To Raise Funds Via IPO

Prostram Info System Ltd. filed its preliminary papers with the Securities and Exchange Board of India to raise funds via an initial public offering. The company's IPO will only consist of a fresh issue of 1.6 crore equity shares.

Choice Capital Advisors Pvt. will be the sole book-running lead manager for the issue, according to the draft paper filed with the market regulator. Upon successful completion of raising funds via IPO, the shares will be listed on the BSE Ltd. and the National Stock Exchange.

Proceeds worth Rs 72.5 crore will be used to fund the working capital requirements of the company. Proceeds of Rs 180 crore will be earmarked for repayment of outstanding borrowings and Rs 90 crore for acquiring further stake in their subsidiary to make it a wholly owned subsidiary.

The company is engaged in designing, manufacturing, assembling, sale, service and supplying energy storage equipment and power conditioning equipment. It also undertakes rooftop solar photovoltaic power plant projects across India on an EPC basis.

The company's operations are supported by 22 branch offices and two storage facilities across 17 states and one union territory, it said in its draft papers.