Power engineering solutions provider Bilpower Ltd today said its subsidiary Tarapur Transformers is planning to enter capital market with a public offer and would file draft papers with Sebi by next week.
"Tarapur Transformers Ltd is coming out with an initial public offer (IPO) of 85 lakh equity shares," Bilpower said in a filing to the Bombay Stock Exchange (BSE).
In this regard Tarapur Transformers is filing draft red hearing prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) next week, it said.
The public issue will be based on a 100 per cent book building process, the company added. However, the company didn't disclose financial details in this regard.
Following the announcement, shares of Bilpower Ltd surged 10.68 per cent on the BSE and were trading at Rs 187 in the afternoon trade.