Behari Lal Engineering raises Rs 90.5 cr from anchor investors ahead of IPO

Behari Lal Engineering Ltd, an integrated iron and steel manufacturing company, on Tuesday said it has raised Rs 90.48 crore from anchor investors ahead of its initial public offering, which opens for subscription on August 12.

The company allocated 31.75 lakh equity shares at Rs 285 apiece to anchor investors, according to a circular uploaded on BSE's website.

Some of the investors participating in the anchor book included Tata AIA Life Insurance Company, PineBridge Global Funds and Amicorp Capital (Mauritius) Ltd, WhiteOak Capital and Bandhan Mutual Fund.


The company's IPO will open on August 12 and close on August 14. The price band has been fixed at Rs 271-285 per equity share.

The public issue comprises a fresh issue of shares aggregating up to Rs 93 crore and an Offer-for-Sale of up to 73.20 lakh equity shares. At the upper end of the price band, the IPO is valued at about Rs 302 crore.

The company plans to use the proceeds from the fresh issue for purchase and installation of equipment and machinery, including computers and peripherals, and related civil work at its manufacturing facilities.

Funds will also be used for installing rooftop solar panels at both facilities, repayment or pre-payment of certain borrowings and general corporate purposes.

Behari Lal Engineering operates two manufacturing facilities at Mandi Gobindgarh in Punjab and has recently commenced construction of a third facility in Fatehgarh Sahib district.

The company manufactures metal rolls, engineering castings, alloy steel products and forging ingots for industries including steel, power and heavy engineering.