India: HPL Electric & Power fixes price band for $53m IPO

Electrical equipment manufacturer HPL Electric and Power Ltd. on Friday announced a price band of Rs.175-202 per share for its three-day initial public offering (IPO) that opens on 22 September.

The company will raise Rs.361 crore in fresh capital. The company will use the proceeds for repayment of debt, funding working capital requirement and for general corporate purposes, the company said in its red herring prospectus.

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