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Our Bureau

Chennai , Dec. 15

Nelcast Ltd plans to come out with an initial public offering of 4.35 crore equity share of Rs 10 each.

The company, a manufacturer of castings for the automotive industry, filed its draft red herring prospectus with SEBI on Friday.

The Rs 270-crore company produces ductile iron and grey iron castings ranging from 0.5 kg to 250 kg. Nelcast intends to enhance the capacity of its machine shops, double its installed capacity of 72,000 tonnes a year and meet long-term working capital through this offering.

The Chennai-based company is a supplier to auto majors such as Tata Motors, Ashok Leyland, Tata Cummins, Eicher Motors, TAFE, Mahindra and Mahindra and International Tractors and also exports to the US, Europe and Australia.

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