Prakash Steelage To Hit The Capital Market On August 5 2010 (29-Jul-2010)
Prakash Steelage is coming up with a 100% book building, Initial Public Offering (IPO) of 62.5 lakh equity shares. The equity shares of Rs 10 each are being offered in a price band of Rs 100-110 per equity share. The issue will constitute 35.71% of the post issue paid-up capital. Upto 1 lakh equity shares will be reserved in the issue for subscription by eligible employees.
The issue will open on August 5, 2010, for all bidders and close on August 9, 2010, for QIB bidders and on August 10, 2010, for non-QIB bidders.
Keynote Capital is the book running lead manager for the issue.
The objects of the issue are to raise resources to part finance its expansion plan at the company’s existing manufacturing facility at Umbergaon, Gujarat and also to meet the additional working capital requirement.
Prakash Steelage is engaged in the manufacturing of seamless and welded stainless steel pipes, tubes and U-tubes.
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