Financial Daily from THE HINDU group of publications
Tuesday, Sep 07, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 07, 2004 |
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Markets
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IPOs SAL Steel plans IPO Our Bureau
Mumbai , Sept. 6 SAL Steel Ltd has decided to go in for an initial public offering with an issue of 4.20 crore share of Rs 10 each. The company has filed its draft red herring prospectus with the Securities & Exchange Board of India. The issue is to be made through a 100 per cent book building process wherein 50 per cent of the net offer will be allocated on a discretionary basis to institutional buyers, the company said. The company plans to set up units for manufacture of sponge iron, ferro alloys, rolling mills and a 40 MW captive power plant. The new unit is being set up in Kutch, Gujarat. The Rs 200-crore project is being funded through internal accruals from Shah Alloy Steels, promoters and contributions from friends to the tune of Rs 51.55 crore and rupee term loans of Rs 114 crore from banks and financial institutions. The balance will be funded from the proceeds of the issue.
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