The 50-lakh equity shares' IPO of Transformer manufacturer M&B Switchgears opened for subscription today. Anurag Mundra, whole time director of M&B Switchgears in an interview to CNBC-TV18 said the high price of IPO is justfied because the renewable energy business offers huge potential in the long run.
"If we factor in all the prospects brought about by solar energy, it’s a good investment opportunity for a long-term proposition," he said.
The company plans to raise more than Rs 90 crore through the issue by diluting 25% post issue. It intends to use funds for setting up new grid connected 4 MWp solar photovoltaic power plant in Madhya Pradesh.
The company is hopeful of commencing generating power from this 4MW plant in March 2012.
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"If we factor in all the prospects brought about by solar energy, it’s a good investment opportunity for a long-term proposition," he said.
The company plans to raise more than Rs 90 crore through the issue by diluting 25% post issue. It intends to use funds for setting up new grid connected 4 MWp solar photovoltaic power plant in Madhya Pradesh.
The company is hopeful of commencing generating power from this 4MW plant in March 2012.
....