Oswal Pumps has launched its initial public offering (IPO) to raise Rs 13.87 billion. The issue comprises a fresh issue of 14.5 million shares aggregating to Rs 8.9 billion and an offer for sale component of 8.1 million shares aggregating to Rs 4.97 billion. The price band for the issue ranges between Rs 584-614. The proceeds up to Rs 898.6 million will be utilised for capital expenditure, Rs 2.73 billion for investment in Oswal Solar, Rs 2.8 billion for partial/full payment of outstanding borrowings, and the remaining for general corporate purposes.
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