Rajesh Power Services Ltd (RPSL) has announced the filing of its draft red herring prospectus (DRHP) with BSE SME.
The company’s initial public offering (IPO) comprises a fresh issuance of 27.90 lakh equity shares, each with a face value of Rs. 10 and an offer for sale of up to 20 lakh equity shares, each with a face value of Rs. 10, through the book-building route.
The offer for sale is made by the selling shareholders, Beena Panchal, Krunal Panchal, Nehal Panchal, Rajendra Baldevbhai Patel, Praful Patel, Vishal Patel, Kalaben Kantibhai Patel and Jyotsna Ramesh Patel, a company release said.
RPSL is in the business of EPC contracting and providing turnkey services to power transmission and distribution utilities/PSUs/private entities. RPSL’s diverse range of services include EHV/HV/LV underground cable networks, EHV substations and O&M activities.
Use of funds
According to DRHP, RPSL intends to utilise Rs. 25.10 crore of the total IPO proceeds for capital expenditures, such as purchasing cable identification, testing, and fault location equipment (Rs. 17.94 crore), setting up a DC Solar power plant with a capacity of 1,300 kW (Rs.4.16 crore), and developing technical expertise in the production of green hydrogen and associated equipment such as electrolysers in-house (Rs.3 crore).
The company plans to use Rs.30 crore for additional working capital requirements, and the remaining capital will be utilised for general corporate purposes.
Range of services
Rajesh Power Services also provides consultancy services related to designing of power substations and cable systems. The company has a robust order book of Rs.2,358.17 crore, comprising projects related to Turnkey-based contracts, design engineering procurement, and substation construction. The company is an accredited contractor with various state transmission and distribution utilities along with leading PSUs and reputed private clients.
Investment in HKRP Innovations
RPSL has invested in HKRP Innovations Ltd, which provides customized IT-based solutions to the energy sector. The company provides Internet of Things (IoT) and cloud-based solutions to power girds and the renewable energy sector. HKRP provides innovative solutions like “Smart Feeder Management System” (SFMS), “Virtual Feeder Segregation” (VFS), “RTMS for Oil Well”, and “Solar Energy Data Management” (SEDM).
Solar power
Rajesh Power Services Ltd entered solar power generation by setting up 1-MW solar power plant at Vill-Patdi in Surendra Nagar district in Gujarat in 2012. The plant was set up under one of the first solar schemes launched in 2012 by the Gujarat government. The solar plant is currently operational and generating solar power and supplying power to state discoms Paschim Gujarat Vij Company Ltd (PGVCL).
Featured photograph shows a 66kV GIS substation built by Rajesh Power Services Ltd at GIFT City, Gandhinagar, Gujarat.
