Rishabh Instruments IPO subscribed 2.46 times on Day 2 The initial public offer of global energy efficiency solution company Rishabh Instruments was subscribed 2.46 times on the second day of the offer on Thursday. The Initial Public Offer (IPO) received bids for 1,91,33,738 shares against 77,90,202 shares on offer, as per the NSE data. The quota for Qualified Institutional Buyers (QIBs) was subscribed 22 per cent. The offer was subscribed 73 per cent on the first day of subscription on Wednesday. The IPO comprises a fresh issue of equity shares aggregating up to Rs 75 crore and an Offer For Sale (OFS) of up to 94.3 lakh equity shares by its promoter group shareholders and an existing investor. The company has fixed a price band for the IPO at Rs 418-441 per share.On Tuesday, Rishabh Instruments said it has raised Rs 147.23 crore from anchor investors. Proceeds from the issue worth Rs 59.50 crore will be used towards financing the expansion of its manufacturing facility in Nashik and for general corporate purposes. The equity shares of the company will be listed on the BSE and the NSE. DAM Capital Advisors, Mirae Asset Capital Markets (India), and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the issue. The Nashik-based firm is focused on electrical automation, metering and measurement, precision-engineered products with diverse applications across industries, including power and automotive sectors.
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)