Financial Daily from THE HINDU group of publications
Friday, Feb 17, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 17, 2006 |
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Markets
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IPOs VISA Steel fixes price band at Rs 52-57 Our Bureau
Mr Vishambhar Saran (left), Chairman, VISA Steel Ltd, with Mr M. S. Verma, Director, at a press conference to announce the company's IPO in Mumbai on Thursday. — Paul Noronha
Mumbai , Feb. 16 VISA Steel has fixed the price band for its initial public offering at Rs 52-57 per share. The company is entering the capital market with an issue of 3.5 crore shares of Rs 10 each through a 100 per cent book-building process. The company plans to use the proceeds to finance a part of the capital expenditure for brownfield expansion of its existing manufacturing facilities into an integrated 0.5 million tonnes per annum special and stainless steel plant at Kalinganagar Industries Complex, Orissa. The brownfield expansion includes setting up a 50,000 tonnes per annum ferro chrome plant, three lakh tonnes sponge iron plant, 50 MW waste heat recovery plant and 0.5 million tonnes special and stainless steel plant. The lead managers to the issue are Enam Financial Consultants and JM Morgan Stanley Pvt Ltd.
More Stories on : IPOs | Steel
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