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Friday, June 09, 2006

SPS aims to raise Rs 70cr from IPO

SPS Steel & Power, a part of the SPS Group, will raise Rs 70 crore (Rs 700 million) from its initial public offer, IPO, which is likely to be floated within a month, a company official said, reports Business Standard.

SPS Group chairman Bipin Vohra told that the company was negotiating with Yes Bank and Enam Financial Consultants for this purpose.

The money raised would be used to part finance a 240-mw captive power plant to be set up at its plant in Orissa.

He said that the NTPC was currently doing the DPR for the project. The draft prospectus would be shortly filed with Sebi, Vohra said.

Vohra said that the issue would be made through the book-building process. The company, which makes TMT Bars, is also setting up a new steel plant at Himachal Pradesh with a capacity of 0.5 million tonnes. SPS has one plant in Durgapur also.

SPS steel clocked revenue of Rs 1200 crore (Rs 12 billion) in the last financial year. The target for the current year is Rs 2000 crore (Rs 20 billion), he said.

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