Friday, Mar 29 2024 | Time 12:53 Hrs(IST)
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Business Economy


TIMES is set to launch IPO on June 16 to raise Rs 405 lakh

Hyderabad, Jun 14 (UNI) Times Green Energy (India) Limited (TIMES), a Hyderabad based company, promoted by a group of Women Entrepreneurs, will launch an Initial Public Offer (IPO) on June 16.
The company has set a target of Rs. 405.04 lakhs through the IPO, the issue will close on June 22, the company said in a release here on Monday.
It has set an issue price of Rs.61 per a share of Rs. 10 face value with a premium of Rs.51 per share.
Among the total shares set to be issued by the company forty thousand shares are reserved for market makers (financial institutions) and remaining 6,24,000 shares will be issued to retail investors.
Aaryaman Financial Services Limited is acting as lead managers for this issue.
Times Green Energy (India) Limited is an all women board headed by Mrs Lakshmi as its Managing Director.
TIMES has been in the business of Farming and has recently entered into the Woman Hygiene and Safety Segment by manufacturing and marketing of Sanitary Napkins, besides the Baby Nappies and Adult Nappies.
In less than Five years of its incorporation, it has built a very strong Distributor Network through which it is able to reach nearly 700 retail dealer outlets across Telangana.
The Company also has recently entered in E-Commerce with “Bharat Bazar” as its brand name.
From Rs.10 lakhs of turnover in the first year of operations, the company has achieved a turnover of Rs.20 crores in the financial year 2019-20.
The company has plans to utilise the proceeds from the issue to upgrade its Corporate Office Infrastructure, to setup various mini manufacturing units to process/manufacture various products, for its working capital requirements and also for other general corporate requirements.
UNI KNR ASN 2239
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