Financial Daily from THE HINDU group of publications
Thursday, May 05, 2005
Financial Daily from THE HINDU group of publications Thursday, May 05, 2005 |
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Markets
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IPOs Shree Ganesh Forgings IPO at Rs 30 per share Our Bureau
Mumbai , May 4 SHREE Ganesh Forgings is entering the capital market to raise Rs 15 crore through a public issue of 50 lakh shares at Rs 30 per share. The issue will open on May 18 and close on May 24, according to company's offer document. The IPO is mainly to fund the company's expansion plan to increase the capacity of forgings from 11,000 tonnes to 22,880 tonnes. The total cost of the project is Rs 32.50 crore. Other than the IPO proceeds, the funding of the project is through term loan of Rs 12.40 crore from Corporation Bank and the balance amount from internal accruals. The shares of the company are proposed for listing on the BSE.
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