VCCircle

Chennai-based BGR Energy Systems, a supplier of systems and equipment for the power, oil & gas, refinery, petrochemical and process industries, has raised Rs 194.4 crore ($49.2 million) from Citigroup Venture Capital International and Reliance Mutual Fund in a pre-IPO deal.
CVCI has acquired 2.88 million shares at Rs 450, which translates into Rs 129.6 crore for a 4 per cent of the company. Reliance MF has taken 2 per cent (1.44 million shares) at the same price. The pre-IPO shares will have a lock-in of one year from date of allotment.
BGR is present in seven lines of business namely power projects, captive power projects (<100 MW), oil & gas equipment, air fin coolers, environmental engineering, electrical projects and infrastructure business.
BGR's IPO has opened on December 5. The price band of the 9.14 million share issue is Rs 425-480 per share of face value Rs 10 each. At the lower price band, the company would raise Rs 388.28 crore and at the higher band Rs 438.52 crore. The issue will close on December 12.
SBI Capital Markets, Kotak Mahindra Capital Company, UBS Securities and CLSA India are the book running lead managers to the issue.