Nelcast IPO opens June 4; price band Rs 195-219/share
Nelcast Ltd, a castings and component manufacturing company, will tap the market with a 43.50 lakh share initial public offering on June 4. The issue closes June 8.
By INDIATIMES NEWS NETWORK |
MUMBAI: Nelcast Ltd, a castings and component manufacturing company, will tap the market with a 43.50 lakh share initial public offering on June 4. The issue closes June 8.
The issue is being made through 100% book building process, with the price band fixed between Rs 195 and Rs 219 for the shares of face value Rs 10 each.
The company plans to raise up to Rs 95.27 crore by way of fresh equity.
Nelcast caters mainly to commercial vehicle and tractor industries. It plans to use the issue proceeds to for expansion and modernisation of its units at Gudur in Andhra Pradesh and Ponneri in Tamil Nadu, to reach a production capacity of 1,50,000 MT per annum by 2008-09.
Its customer base includes Tata Motors, Ashok Leyland, Eicher Motors, Tata Cummins, Mahindra and Mahindra, TAFE, International Tractors and New Holland India. It exports to the US, Europe and Australia, its client list comprising Arvin Meritor, Volvo, SIGMA and Dobbie Dico Meter.
The issue is being made through 100% book building process, with the price band fixed between Rs 195 and Rs 219 for the shares of face value Rs 10 each.
The company plans to raise up to Rs 95.27 crore by way of fresh equity.
Nelcast caters mainly to commercial vehicle and tractor industries. It plans to use the issue proceeds to for expansion and modernisation of its units at Gudur in Andhra Pradesh and Ponneri in Tamil Nadu, to reach a production capacity of 1,50,000 MT per annum by 2008-09.
Its customer base includes Tata Motors, Ashok Leyland, Eicher Motors, Tata Cummins, Mahindra and Mahindra, TAFE, International Tractors and New Holland India. It exports to the US, Europe and Australia, its client list comprising Arvin Meritor, Volvo, SIGMA and Dobbie Dico Meter.
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