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Our Bureau

Mumbai , Nov. 7

THE initial public offering of the Gujarat-based S.A.L. Steel Ltd has been oversubscribed nearly 20 times.

According to a press release issued by the company, retail investors bid for 33.69 crore shares or over 35 times the 4.2 crore shares that were on offer. High net worth individuals applied for nearly 43 times or 40.55 crore shares. Institutional investors bid for 7.5 crore shares and shareholders of Shaw Alloys Ltd, who had a portion of the offering reserved for them, bid for 66.38 lakh shares.

The public offer, made in a book-building band of Rs 12 - Rs 14 per share, will finance the company's backward integration project at Bharapur in the Kutchch district of Gujarat. The project will make sponge iron, ferro alloys and rolled products. Apart from the proceeds from the issue, the promoters will bring in Rs 51 crore and banks will loan about Rs 114 crore, the release added.

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