Mangal Electrical Industries' Rs 400 cr IPO to open on Aug 20

New Delhi, Aug 14 (PTI) Transformer components manufacturer Mangal Electrical Industries on Thursday fixed a price band of Rs 533 to Rs 561 per share for its upcoming Rs 400 crore Initial Public Offering (IPO).
     The IPO -- entirely a fresh issue of shares -- will open for public subscription on August 20 and conclude on August 22, the company announced.
     Proceeds from the fresh will be used to pay debt, expand the company's facility situated in Rajasthan, and support working capital requirements for general corporate purposes.
     Mangal Electrical Industries is a processor of transformer components, transformer lamination, amorphous cores, coil assemblies and core assemblies, wound core, toroidal core, and oil-immersed circuit breakers.
     The company's customers include government discoms and private companies such as Ajmer Vidyut Vitran Nigam Ltd, Jaipur Vidyut Vitran Nigam Ltd, Voltamp Transformers Ltd and Western Electrotrans. It has exported its transformer components to the Netherlands, United Arab Emirates, Oman, USA, Italy and Nepal.
     Systematix Corporate Services is the sole book-running lead manager, and Bigshare Services is the registrar of the issue.

(This story has not been edited by THE WEEK and is auto-generated from PTI)