TD Power Systems gets Rs 33.4 cr from anchor investors

TD Power Systems has received commitment of Rs 33.4 crore from anchor investors today - one day before the issue opens for subscription.

Anchor investors are Baring India Private Equity Fund, IDFC Premier Equity Fund, Ironwood Investment Holdings, Smallcap World Fund and American Fund Insurance Series Global Small Capitalisation Fund. They have subscribed for 13,04,550 equity shares at lower end of price band of Rs 256-261 a share.

The Rs 227 crore IPO of manufacturer of AC Generators with output capacity in the range of 1 MW to 52 MW will open for subscription during August 24-26, 2011.

The company proposes to utilize the net proceeds of the issue mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office in Bangalore. It also proposes to utilize part of the net proceeds to repay debt, fund working capital requirements and for other general corporate purposes.