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Monday, September 11, 2006

Hilton Metal Forging to raise Rs 381.5 mn via IPO

Hilton Metal Forging plans to raise Rs 381.5 million via the IPO, while, an additional sum shall be raised to tune of Rs 100 million through a term loan from State Bank of Hyderabad, said the draft prospectus of the company. The loan amount constiutes 20.77% of the total project cost.

The company has mooted an expansion of its existing capacity from 11100 MTA to 24900 MTA by installing additional Plant & Machinery in order to augment the existing manufacturing facilities.

The company`s target customers are primarily OE manufacturers and they contract their sales on direct sales basis, both in domestic and international market. It has already established strong relationship with the leading automobile manufacturers and OE manufacturers in India and abroad.

The company is one of the two Indian Forging Companies have US approval for 0.60% import duty as against anti-dumping duty of 160% imposed on other units. This has opened a very big market for the company.

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