The Hindu Business Line : Surana Ind listed on NSE

Surana Industries Ltd (SIL), a Chennai-based steel manufacturing company, has been listed on the National Stock Exchange (NSE) with effect from today (December 28), according to a press release.

The company has been earlier listed on the Chennai and Mumbai stock exchanges since 1994, the release said.

Equity shares of the company have been listed on NSE at a face value of Rs 10 each and investors can trade in the normal market segment — compulsory demat (rolling settlement).

Recently, the company's board approved of a proposal to raise up to $50 million through placement of foreign currency convertible bonds as well as equity by way of qualified institutional placements.

The amount raised would fund the company's Rs 473 crore integrated steel plant coming up at Raichur in Karnataka, said the press release.

The plant, to be operational by December 2007, will have an annual capacity to produce 1.28 lakh tonnes of sponge iron, 1.36 lakh tonnes of steel melting shop and 1.32 lakh tonnes of rolling mill, and a 30 MW captive power plant.

SIL has manufacturing units at Gummidipoondi and Madhavaram in Chennai, besides a windmill farm at Tirunelveli.