Financial Daily from THE HINDU group of publications
Friday, Mar 26, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 26, 2004 |
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Corporate
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IPOs Ramkrishna Forgings plans Rs 12.2-cr IPO Our Bureau
Mr M.P. Jalan, Chairman, Ramkrishna Forgings Ltd (left), with Mr Naresh Jalan, MD, at a press conference in Mumbai on Thursday. — Paul Noronha
Mumbai , March 25 RAMKRISHNA Forgings Ltd (RKFL) is entering the market to raise Rs 12.2 crore through its initial public offer of 61.25 lakh equity shares at a price of Rs 20 (premium of Rs 10). The funds would be used for expanding the operations of the company, said Mr M.P. Jalan, Chairman, RKFL. Currently, the company manufactures 18,000 tonnes of steel forgings across its three units that employ 500 people. About 50 per cent of the company's turnover comes from the automobile sector and 30 per cent from the Indian Railways, said Mr Jalan. He expects export earnings of the company to grow to 50 per cent of the turnover from the current 10 per cent. However, other than an agency tie-up, there is no international presence for the company, the Chairman clarified.
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