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HPL Electric cuts IPO size

HPL Electric & Power Ltd has pruned the size of its initial public offering by a fifth. The firm said in its red herring prospectus filed last week that it is looking to raise up to Rs 361 crore in the issue as against Rs 450 crore when it filed draft papers for its IPO in February this year.

The electric equipment manufacturing company has disclosed that it intends to raise Rs 130 crore for retiring debt, the same quantum that it sought earlier. But it has pruned the amount it planned to use for working capital requirement from Rs 242.8 crore to Rs 180 crore. Rest of the money will go for general corporate purposes.

SBI Capital Markets, ICICI Securities and IDFC Bank are the bankers managing the issue.

HPL, which makes metering solutions, switchgears, lighting equipment and wires & cables, is opening the IPO on September 22 and closes on September 26.

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