Quality Power Files DRHP

New Delhi: Quality Power Electrical Equipments, an energy transmission equipment and power technologies company, has filed preliminary papers with capital market regulator Sebi to raise funds through a initial public offering.The initial public offering (IPO) comprises a fresh issue of equity shares aggregating up to Rs 225 crore and an offer for sale (OFS) of up to 1.2 crore equity shares, according to the draft red herring prospectus filed on Monday. As part of the OFS, promoter Chitra Pandyan will offload the shares of the IPO-bound company. The Pandyan family holds 100 per cent stake in Sangli-based Quality Power. Proceeds from the fresh issue are proposed to be utilised for the acquisition of Mehru Electrical and Mechanical Engineers Pvt Ltd, funding capital expenditure requirements for purchasing plant and machinery.