Rajesh Power Files DRHP

New Delhi: Rajesh Power Services Ltd on Thursday said it has filed draft papers with BSE SME to raise funds through an initial public offering (IPO). The IPO is a combination of a fresh issuance of 27.9 lakh equity shares and an Offer-for-Sale (OFS) of up to 20 lakh equity shares, the Ahmedabad-headquartered company said in a statement. Of the total IPO proceeds, Rajesh Power Services (RPSL) intends to utilise Rs 25.10 crore for capital expenditures, such as purchasing cable identification and testing; Rs 17.94 crore for fault location equipment; Rs 4.16 crore for setting up a DC Solar power plant with a capacity of 1300 KW and; Rs 3 crore for developing technical expertise in the production of Green Hydrogen and associated equipment.