Our Bureau

Mumbai, Oct 3

Ind Synergy Ltd has filed the draft red herring prospectus with the SEBI for its proposed initial public offer (IPO).

The company will offer 2,00,00,000 equity shares of Rs 10 each at a premium to be decided by the 100 per cent book building process.

The issue proceeds will fund the company's third-phase expansion of the steel division.

The company proposes to set up an integrated steel plant with a capacity of 2,40,000 MTPA for production of stainless steel, alloy long products and alloy seamless products, adjacent to its existing facilities in Raigarh district, Chhattisgarh.

UTI Securities Ltd is the Book Running Lead manager to the issue.

(This article was published in the Business Line print edition dated October 4, 2006)
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