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Shashi Ashiwal

Mr V.K. Chopra (left), Chairman & MD, Niraj Cement Structurals Ltd, and Mr Gulshan Chopra, Director, at a press conference to announce the company’s IPO in Mumbai on Thursday. —

Our Bureau

Mumbai, May 22 The Mumbai-based engineering and construction company Niraj Cement Structurals Ltd on Thursday announced its initial public offering plans. Niraj Cement’s public issue comprises 32.50-lakh shares in the price band of Rs 175 to Rs 190, the company said during a press conference here.

The company aims to raise Rs 61.75 crore at the upper price band and Rs 56.87 crore at the lower band. The issue opens for subscription on May 26 and closes on May 30 and constitutes 31.42 per cent of the total issue post issue paid-up equity of the company.

The company proposes to utilise the net proceeds of the issue to finance its plan for investment in capital equipment on a recurring basis and fund its long-term working capital requirements for general corporate purposes. Total turnover of the company in FY2007-2008 was Rs 92.86 crore and the profit after tax of the company was at Rs 6.52 crore.

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