EMS gets SEBI`s go-ahead to raise funds via IPO
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Sewerage solution provider EMS has received the Securities and Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO). The IPO of EMS comprises a fresh issue of equity shares worth Rs 180 crore and an offer for the sale of 82.94 lakh shares by promoter Ramveer Singh. At present, Singh holds a 97.81 per cent stake in the company.
Proceeds from the fresh issue will be utilised towards funding working capital requirements and other general corporate purposes. Khambatta Securities is the sole book running lead manager to the issue. The equity shares of the company will be listed on the BSE and NSE.
The company is engaged in the business of sewerage solution provider, water supply system, water and waste treatment plants, electrical transmission and distribution, road and allied works, operation and maintenance of waste- water scheme projects, and water supply scheme projects for government authorities.
