Business Daily from THE HINDU group of publications
Wednesday, Feb 07, 2007
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Business Daily from THE HINDU group of publications Wednesday, Feb 07, 2007 ePaper |
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Markets
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IPOs Our Bureau
The company's promoters who hold 93 per cent stake in the company would dilute 25 per cent to the public. Nelcast will offer 4.35-crore equity shares of Rs 10 each, and the issue would be through book building, according to Mr J. Joseph, Managing Director, Nelcast. The Rs 270-crore company produces ductile iron and grey iron castings ranging from 0.5 kg to 250 kg. Nelcast's two plants — in Gudur, Andhra Pradesh and in Ponneri, Tamil Nadu — have a total installed capacity of 1.02 lakh tonne a year. The expansion plans would help Nelcast reach a capacity of 1.50 lakh tonne a year by 2008. Around Rs 65 crore would be spent on new machines and expansion of capacity, and the rest would be used for increasing working capital, he said. The company has filed its draft red herring prospectus with SEBI. Nelcast 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. According to Mr Joseph, Nelcast recently sold 1.53 per cent of stake to Menakuru Infrastructure Pvt Ltd at a price of Rs 155 per share. Through this, the company raised Rs 3.10 crore.
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