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Our Bureau

New Delhi , March 6

The Nagpur-based Solar Explosives plans to enter the capital market with a public issue of 44 lakh equity shares of Rs 10 each through 100 per cent book building process. The price band is fixed at Rs 170 to Rs 190. The issue opens on March 9 and closes on March 13.

Of the total size, 60,000 shares are reserved for the employees leaving a net offer for the public of 43.40 lakh shares. Up to 50 per cent of the issue shall be allocated to QIBs on a proportionate basis and at least 15 per cent shall be available to non-institutional bidders.

The net issue would constitute 25.05 per cent of the fully diluted post issue paid-up capital of the company. The proceeds of the issue would be deployed to meet expenses, estimated to be Rs 53 crore, of the proposed expansion project for the manufacture of bulk explosives in the country.

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