New Delhi. The initial public offering (IPO) of stainless steel sector company Rajputana Stainless Limited will open on March 9. Investors can bid for investment in this till March 11. The company has fixed the price band for this at Rs 116-122 per share.
The company’s shares are proposed to be listed on BSE and NSE on March 16. According to Rajputana Stainless Limited, in this issue with face value of Rs 10, investors can bid for a minimum of 110 equity shares and thereafter in multiples of 110 equity shares.
This IPO is a mixture of both a fresh issue and Offer for Sale (OFS). The company will raise around Rs 178.73 crore by issuing 1.47 crore new shares, while Rs 76.25 crore will come from the offer for sale through the sale of 0.63 crore shares. Rajputana Stainless Limited will invest a major part of the proceeds from this IPO in strengthening its business.
About Rs 18.57 crore will be spent in setting up a new manufacturing unit of stainless steel seamless pipes, which will further broaden the company’s product portfolio. Apart from this, Rs 98 crore will be used for partial or full repayment of existing secured loans. The remaining amount will be kept for general corporate purposes.
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