The company's board approved the opening of the issue on Wednesday, 18 October 2023.

The floor price of Rs 4,085.4 is at a premium of 1.45% to Wednesday's closing price of Rs 4,027.15 on the BSE.

The company may at its discretion offer a discount of not more than 5% on the floor price for the issue.

The issue price will be determined by the company in consultation with the book running lead manager appointed for the issue.

The company also informed that a meeting of the executive management committee is scheduled to be held on Monday, 23 October 2023, to consider and approve the issue price of the equity shares.

Power Mech Projects is an engineering and construction company providing integrated service in erection, testing and commissioning (ETC) of boilers, turbines and generators and balance of plant (BOP), civil works and operation and maintenance (O&M).

The company's consolidated net profit jumped 29.1% to Rs 50.99 crore on 15.9% increase in net sales to Rs 865.13 crore in Q1 FY24 over Q1 FY23.

The scrip rose 0.25% to currently trade at Rs 4037.35 on the BSE.