New Delhi: Oswal Pumps on Tuesday said it has fixed a price band of Rs 584 to Rs 614 per share for its Rs 1,387-crore initial public offering (IPO).

The initial share-sale will open public subscription on June 13 and conclude on June 17, the company said in a statement. The IPO is a combination of fresh issue of shares valued Rs 890 crore and an offer-for-sale (OFS) of 81 lakh stocks worth Rs 497.34 crore, at the upper end of the price band, by promoter Vivek Gupta. This aggregates the issue size at Rs 1,387.34 crore.

Proceeds from the fresh issue will be used for funding certain capital expenditures of the company; investment in wholly owned subsidiary Oswal Solar in the form of debt or equity, setting up new manufacturing units at Karnal, Haryana, payment of debt, and for general corporate purposes.

Oswal Pumps commenced operations in 2003 by manufacturing low-speedmonoblock pumps and over the years, it expanded operations to manufacture grid connected submersible pumps, and electric motors.