RCRS Innovations files for IPO
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New Delhi: Lithium battery and solar panels manufacturer RCRS Innovations Ltd on Tuesday said it has filed draft papers with NSE Emerge to mop-up funds through an initial public offering (IPO) and the proceeds will be used to fund its expansion plan.
The Noida-headquartered company’s proposed IPO is a fresh issuance of 48.24 lakh equity shares with a face value of Rs 10 each, according to a statement. RCRS Innovations intends to utilise net proceeds from the offering to meet its working capital requirement and expand its battery manufacturing capacity.
The company manufactures and markets lithium-ion batteries and solar panels under EXEGI brand in two separate plants in the Delhi-NCR region. Its products are primarily used for clean energy storage and solar lighting.
