Bedmutha Industries IPO : Planning to float Rs 92 crore IPO

by khalid on 20/09/2010 · 0 comments

Bedmutha Industries is one of the leading steel wire manufacturers in western India. The company plans an initial public offer (IPO) to raise up to Rs.92 crore to fund its expansion projects. The company has already filed draft red herring prospectus (DRHP) to the market regulator SEBI .

The proceeds of the public issue are proposed to be utilized to to set up a 36,000 tonnes per annum (tpa) manufacturing facility for low relaxation pre-stress concrete (LRPC) wire and spring steel wire with installed capacity of 18,000 tpa on 12 acres at Nashik in Maharashtra. LRPC wires, which are in much demand, are used in pre-stressed concrete girders for roads, railway sleepers, flyovers.

Mr K.R. Bedmutha and his family is the founder of the company Bedmutha Industries and hold 100 per cent stake in the company and plans to dilute 42 percent through this proposed IPO. Currently, the company has four manufacturing units at Nashik with a galvanised wire capacity of 25,300 tpa. It also produces high carbon PC wire, spring steel and binding wires. It offers a wide range of wire and wire products such as cable armour wires, stray wires, spring steel wires, and barbed wires.

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