Adhunik Metaliks plans Rs 300 crore IPO for mining unit

MUMBAI: Speciality steel maker Adhunik Metaliks Ltd will raise Rs 250 to 300 crore through an initial public offering of shares in its mining subsidiary, the company said in a statement on Tuesday.

The firm also plans to set up a pellet plant and two ferro-alloy plants with an investment of 11 billion rupees.

These plants will convert iron ore fines into pellets and process low grade manganese ore waste for use in the ferroalloy unit, Adhunik said in the statement.