ElectroSteel Integrated IPO : files DRHP with SEBI

by khalid on 04/04/2010 · 1 comment

ElectroSteel Integrated is a subsidiary of Electrosteel Group. The company has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to float its maiden IPO. The company wants to raise money from primary market with an IPO of 368772000 equity shares of face value Rs 10, with a premium decided by the 100% book building process. There will also be a green-shoe option of up to 55315800 equity shares.

The proceeds of this proposed IPO will be used to setup a 2.2 MTPA integrated steel and ductile iron spun pipes project in Jharkhand, India. The company will use a part of proceeds for margin money towards bank guarantees.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The book running lead managers to the issue are Edelweiss Capital Limited, Enam Securities Private Limited and SBI Capital Markets Limited.

Registrar of the Issue is Karvy Computershare Private Limited.

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