City gas distribution company IRM Energy Ltd has filed preliminary papers with capital markets regulator Sebi to raise up to Rs 700 crore through an initial public offering (IPO).
The public issue with a face value of Rs 10 per equity share is a complete fresh issue of shares of up to 10,100,000 equity shares.
The Ahmedabad-based company may consider a pre-IPO placement for up to 20 lakh equity shares. If such placement is completed, the issue size will be reduced.
At present, the promoters own 67.94 per cent stake in the company, with the majority being held by Cadila Pharmaceuticals (49.50 per cent), and the remaining shares being held by IRM Trust Ltd through its managing trustee Rajiv Indravadan Modi.
