Laser Power and Infra files for Rs 1,200 cr issue

New Delhi: Laser Power and Infra Ltd, a cable and conductor manufacturer, has filed preliminary papers with markets regulator Sebi to raise Rs 1,200 crore through an initial public offering (IPO).

With this, the Kolkata-based company is targeting a valuation of Rs 5,500-6,500 crore, people familiar with the matter said. The proposed IPO is a combination of a fresh issue of equity shares worth Rs 800 crore and an offer for sale (OFS) of equity shares valued at Rs 400 crore by promoters, according to the draft red herring prospectus (DRHP) filed on Saturday.

As part of the OFS, Deepak Goel, Rakhi Goel, and Devesh Goel will offer offload shares aggregating up to Rs 225 crore, Rs 50 crore and Rs 125 crore, respectively. Laser Power and Infra Ltd (LPIL) plans to use the fresh issue proceeds to repay loans of up to Rs 600 crore, and a portion would be earmarked for general corporate purposes.

The company may consider a Pre-IPO Placement of equity shares aggregating up to Rs 160 crore. If such placement is completed, the amount raised will be reduced from the fresh issue accordingly.

LPIL is an integrated manufacturer of power cables, conductors and specialised products and components to the power transmission and distribution industry. Incorporated in 1988, LPIL operates in two segments -- manufacturing and EPC.