Rajesh Power Services Limited receives in-principle approval from BSE SME exchange; plans to raise around Rs. 150-160 crore
Surat (Gujarat) [India]: Rajesh Power Services Limited (“RPSL” or “The Company”), one of the leading service providers for the power sector, today announced that it has received in-principle approval for its IPO from BSE SME Exchange on October 31, 2024. The company filed a Draft Red Herring Prospectus (DRHP) with BSE SME in August 2024. It is in the process of filing RHP with updated information and is expected to be listed on the platform very soon.
The Ahmedabad-headquartered company plans to raise approximately Rs. 150-160 crore from the offer which comprises a fresh issuance of 27,90,000 Equity Shares and an offer for sale of up to 20,00,000 Equity Shares, each with a face value of Rs. 10, through the book-building route. ISK Advisors Private Limited is the sole Book Running Lead Manager to the Issue, and Bigshare Services Private Limited is the Registrar.
Rajesh Power Services Limited is in the business of EPC (Engineering, Procurement & Construction) contracting and providing Turnkey services to power transmission and distribution utilities / PSUs / Private Entities since decades. RPSL’s diverse range of services includes EHV/HV/LV underground cable networks, EHV substations and O&M activities.
The company intends to utilise Rs. 25.10 crore of the total IPO proceeds for capital expenditures, such as purchasing cable identification, testing, and fault location equipment (Rs. 17.94 crore), setting up a DC Solar power plant with a capacity of 1300 KW (Rs. 4.16 crore), and developing technical expertise in the production of Green Hydrogen and associated equipment such as electrolysers in-house (Rs. 3 crore). The company plans to use Rs. 30 crore for additional working capital requirements, and the remaining capital will be utilised for general corporate purposes.
RPSL also provides consultancy services related to designing of power substations and cable systems. The company has a robust order book of Rs. 2358.17 crore, comprising projects related to Turnkey-based contracts, Design Engineering Procurement, and substation construction. The company is an accredited contractor with various State Transmission and Distribution Utilities along with leading PSUs and reputed private clients.
Rajesh Power Services Limited, under the leadership and vision of Mr. Kurang Panchal and Mr. Rajendra Baldevbhai Patel, entered into solar power generation by setting up 1MW solar power plant at Vill-Patdi in Surendra Nagar district in Gujarat in 2012. The plant was set up under one of the first solar schemes launched in 2012 by the Gujarat government under the leadership of Prime Minister Shri Narendra Modi (then Chief Minister of Gujarat). The Solar plant is currently operational and generating solar power and supplying power to PGVCL DISCOM.
The company has registered Rs. 284.96 crore in revenue from operations with a profit (PAT) of Rs. 26.02 crore in the fiscal year 2024.
For more information, please visit: www.rajeshpower.com
