Electrosteel Steels fixes IPO price band at Rs 10-11 per share
Electrosteel Steels Ltd (ESL) promoted by Electrosteel Castings Ltd has fixed price band of Rs 10 and Rs 11 per equity share for its initial public offering.
By PTI |
MUMBAI: Electrosteel Steels Ltd ( ESL) promoted by Electrosteel Castings Ltd has fixed price band of Rs 10 and Rs 11 per equity share for its initial public offering.
The issue of 225,516,188 equity shares of Rs 10 each will open on September 21 and close on September 23, for Qualified Institutional Buyers (QIBs) and on September 24, for non-institutional bidders and retail investors.
ESL is one of the leading manufacturers of cast iron pipes for over four decades and ductile iron spun pipes since the last 15 years.
The company intends to utilise the proceeds of the issue to part finance the construction of Rs 7,362-crore integrated steel and ductile iron spun pipe plant having a capacity of 2.2 million tonnes per annum in Jharkhand," ECL's Managing Director, Umang Kejriwal told reporters here.
The company proposes to source iron ore from ECL's captive mine, which has been allocated an iron ore deposit spread over an area of 192.5 hectares in the Kodolibad reserve forest in Jharkhand.
The company's requirement of coking coal is proposed to be primarily met from a mix of ECL's coking coal mine in Parbatpur in Jharkhand and other sources, Kejriwal said.
The issue of 225,516,188 equity shares of Rs 10 each will open on September 21 and close on September 23, for Qualified Institutional Buyers (QIBs) and on September 24, for non-institutional bidders and retail investors.
ESL is one of the leading manufacturers of cast iron pipes for over four decades and ductile iron spun pipes since the last 15 years.
The company intends to utilise the proceeds of the issue to part finance the construction of Rs 7,362-crore integrated steel and ductile iron spun pipe plant having a capacity of 2.2 million tonnes per annum in Jharkhand," ECL's Managing Director, Umang Kejriwal told reporters here.
The company proposes to source iron ore from ECL's captive mine, which has been allocated an iron ore deposit spread over an area of 192.5 hectares in the Kodolibad reserve forest in Jharkhand.
The company's requirement of coking coal is proposed to be primarily met from a mix of ECL's coking coal mine in Parbatpur in Jharkhand and other sources, Kejriwal said.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
Related Articles
Sarvam’s unicorn raise; Big exits in new IPOsADVERTISEMENT
