Divine Power to raise Rs 22.76 cr via IPO

New Delhi: Divine Power Energy Ltd, a manufacturer of insulated wires and strips, on Thursday said it plans to raise around Rs22.76 crore through its initial public offer, which will open for public subscription next week.

The company has received approval to launch its public issue on NSE’s Emerge Platform, Divine Power Energy Ltd (DPEL) said in a statement. The company has fixed the price band at Rs36-40 per share for the issue of 56.88 lakh shares, which will open for subscription during June 25-27, it added. The initial public offering (IPO) is entirely a fresh issue of 56.90 lakh equity shares. At the upper end of the price band, DPEL will fetch around Rs22.76 crore.