Shivalic Power Control files draft papers

New Delhi: Electric panel manufacturer Shivalic Power Control on Thursday said it has filed preliminary papers with small and medium enterprise platform NSE Emerge to raise funds through an initial public offering. The IPO will offer a fresh issue of up to 64.32 lakh equity shares with a face value of Rs10 each, the company said in a statement. The shares of the company will be listed on the Emerge platform of the National Stock Exchange (NSE). The company intends to utilise the proceeds from the fresh issue to meet the working capital requirements and funding for capital expenditure of the company. Proceeds will also be used to meet out the inorganic growth through unidentified acquisitions and general corporate expenses.