homevideos Newsbusiness NewsClean Science and Technology IPO: Expansion expenditure from internal accruals, says management
Clean Science and Technology IPO: Expansion expenditure from internal accruals, says management
Clean Science & Technology is sitting on cash of Rs 250-260 crore, Siddhartha Sikchi, promoter and executive director, told CNBC-TV18.
Clean Science & Technology is sitting on cash of Rs 250-260 crore, Siddhartha Sikchi, promoter and executive director, told CNBC-TV18.
The company’s Rs 1,546 crore initial public offering (IPO) hits the street today, i.e. July 7. Investors can bid in the price band of Rs 880-900 per share. The issue is entirely an offer for sale (OFS) by existing investors and does not involve a fresh issue. Therefore, no money comes to the company.
“All the investment for the next 2-3 year capex will be done from internal accrual as the company is already sitting on a cash of Rs 250-260 crore and that would be sufficient for the expansion in the next 2-3 year timeframe,” said Sikchi.
On listing, he said, “We want to list the company as it gives us more visibility in the market and also companies always look at a good time to list because this is one of the most important journey or a milestone for any company and as any other promoter we would want to list at the best time as we can.”
Clean Energy is at 70 percent capacity utilization which over the next year, the management anticipates, will touch about 80-82 percent.
"Going forward we are trying to enlarge our existing business clients, enlarging the capacity of our existing products and also adding more products to the pipeline,” Sikchi said.
The company raised Rs 463.98 crore from 41 anchor investors on July 6, ahead of its IPO opening. The company informed exchanges that in consultation with merchant bankers, it has finalised the allocation of 51,55,404 equity shares, to anchor investors, at a price of Rs 900 per share.
For the entire management interview, watch the video
(Edited by : Abhishek Jha)
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