Passive communication infrastructure provider Dinesh Engineers is planning to raise around Rs 185 crore through an Initial Public Offering (IPO). The IPO consists of up to 1 crore fresh equity shares aggregating up to Rs 185 crore. The company has set a price band of Rs 183-Rs 185 per share for its IPO.
The IPO is scheduled to open on September 28 and close on October 3. Bids can be made for a minimum of 80 equity shares and multiples of 80 thereof.The book running lead manager to the issue is Hem Securities. The equity shares are proposed to be listed on BSE and NSE.
The company proposes to utilise the net proceeds of the fresh issue for expansion of business by setting up of furher OFC network under IP-1 Licence, to fund expenditure towards general corporate purposes and to meet public issue expenses.