Gujarat-based Rajputana Stainless has filed its preliminary papers with Sebi to raise funds through an IPO.
The IPO proceeds of Rs 76.50 crore will also be used by the firm for debt repayment and general corporate purposes.
Gujarat-based Rajputana Stainless Limited has filed its preliminary papers with capital markets regulator Sebi to raise funds through an initial public offer (IPO).
gave IPO According to the draft red herring prospectus (DRHP) filed on December 30, the fresh issue of up to 1.9 crore equity shares by promoter Shankar Lal Deep Chand Mehta and the offer for sale of up to 3.5 lakh shares are a combination.
The total shareholding of Rajputana Stainless’s promoters and promoter group is 78.21 per cent, while public shareholders hold 21.79 per cent.
The net proceeds from the fresh issue, amounting to Rs 18.31 crore, will be used by the company to set up a manufacturing unit for stainless steel seamless pipes to expand its product portfolio, and for the proposed facility. 37.68 crores for working capital requirement for Rs.
The IPO proceeds of Rs 76.50 crore will also be used by the firm for debt repayment and general corporate purposes.
Incorporated in 1991 as Rajputana Steel Castings, the company changed to Rajputana Stainless in 2007 after a strategic restructuring.
Rajputana Stainless specializes in manufacturing long and flat stainless steel products including billets, forging ingots and rolled black bars.
It primarily serves the domestic market through direct sales and a network of dealers. Additionally, the company exports its products to five international markets such as UAE, USA, Turkey, Kuwait and Poland.
Nirbhay Capital Services Pvt Ltd is the sole book-running lead manager, while Kfin Technologies is the registrar for the issue.
The company’s shares are proposed to be listed on BSE and National Stock Exchange (NSE).
(This story has not been edited by News18 staff and is published from a syndicated news agency feed. PTI)