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Saturday, April 08, 2006

AML Steel files DRHP with SEBI for FPO

AML Steel has filed draft red herring prospectus, DRHP, with securities & exchange board of India, SEBI for its forthcoming follow-on public issue, FPO, of equity shares of Rs 10 each for cash at a premium aggregating to Rs 120 crore (Rs 1.20 billion), as per company announcements.

The issue is to be made through a 100% book building process to be conducted on the Mumbai, BSE and National Stock Exchange, NSE.

Of the Rs 120 crore (Rs 1.20 billion) to be raised through the issue, Rs 20 crore (Rs 200 million) would be raised as promoter’s contribution and the balance Rs 100 crore (Rs 1 billion) would be the net offer to public.

The company is raising the money to part finance its wholly owned subsidiary's, integrated steel project being set up in Jharkhand, acquisition of existing steel plants and to fund the working capital requirements of the company and its wholly owned subsidiaries.

The subsidiary has already been allotted 384 acres of iron ore mine in Bokna village in Jharkhand to feed iron ore requirements to the above project.

The book-running lead managers to the issue are Karvy Investor Services and Centrum Capital.

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