Business Daily from THE HINDU group of publications
Friday, Dec 07, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Dec 07, 2007 ePaper | Mobile/PDA Version |
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Corporate
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New Projects Markets - IPOs Our Bureau Mumbai, Dec 6 Neel Metal Products Ltd, manufacturer of steel blanks and such other products for the automotive industry, has filed its draft red herring prospectus to enter the capital markets. The JBM group company is expected to raise Rs 107 crore with a 35 per cent equity dilution by the promoter. The proceeds of the IPO are to be used for setting up of a greenfield steel service centre in Pune (Rs 27.96 crore), machinery for Pantnagar centre (Rs 4.58 crore), and capacity addition at Gurgaon centre (Rs 17.58 crore). The balance proceeds (Rs 26 crore) will be utilised towards capacity additions at the Haridwar, Pantnagar and Gurgaon centres and equity contributions in the joint ventures would be to the tune of Rs 18 crore. The company has three existing joint ventures namely Thai Summit Neel Auto Pvt Ltd, Arcelor Neel Tailored Blank Pvt Ltd and Neel Metal Fanalca. Post the IPO the promoter shareholding will be down to 65 per cent, employee reservation 1.75 per cent and public shareholding will remain at 33.25 per cent. More Stories on : New Projects | IPOs | Steel
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