The initial public offering of A2Z Maintenance and Engineering is opening tomorrow. The company is planning to raise about Rs 860 crore through the issue. Rakesh jhunjhunwala is one of the biggest investor in this company.
The issue comprises a fresh issue of equity shares aggregating to Rs 675 crore and an offer for sale of 45.5 lakh shares by the selling shareholders.
Rakesh Jhunjhunwala owns 25 lakh shares in the company (30 per cent stake). He is selling 5 lakh shares through the issue. He invested in the company in 2006 below Rs 14 a piece.
The price band for the issue has been fixed at Rs 400-410 a share. Proceeds from the issue will be used to invest in a biomass-based power generation project as well as for capital expenditure and repayment of a loan granted by L&T Infrastructure Finance Company.
The issue closes on December 10.
