Electrosteel Integrated IPO : Likely by September 2010

by khalid on 15/08/2010 · 1 comment

Electrosteel Integrated is a part of Electrosteel Castings (ECL). The company filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI in March 2010. The IPO of Electrosteel Integrated is likely to open for subscription by September-end. The company will offer 36,87,72,000 equity shares through the IPO along with a green shoe option of up to 5,53,15,800 equity shares. The issue will constitute 18.13% of the fully diluted post issue paid-up capital of company (excluding green shoe option). Electrosteel Integrated has plans to to setup a 2.2 MTPA integrated steel and ductile iron spun pipes project in Jharkhand, India. It is setting up the proposed plant near Siyaljori village in Bokaro District of Jharkhand, which will be based on Blast Furnace (BF) Process.

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 book running lead managers to the issue are Edelweiss Capital Ltd, Enam Securities Pvt Ltd and SBI Capital Markets Ltd.

Registrar of the Issue is Karvy Computershare Private Limited.

At present, Electrosteel Castings (ECL) holds 42% in the company, which will be reduced to 33.5% post issue (including greenshoe option).

The IPO of Electrosteel Integrated hope to be listed in Stock Exchanges between October and November 2010 or before that.

Source : BelltheBull

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Deepak kumar choudhary September 18, 2010

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