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Wednesday, October 04, 2006

Ind Synergy files DRHP with Sebi

Ind Synergy, an existing profit making company, has filed its draft red herring prospectus, DRHP on September 28, 2006 with the Securities and Exchange Board of India, Sebi to access capital markets with its initial public offering, IPO of equity shares, as per press release.

The company is engaged in diversified lines of business comprising of production of steel products including billets, sponge iron, real estate, soya oil extraction and de - oiled cakes, power from waste gases and wind mills, wheat products and mining.

The company proposes to offer 2,00,00,000 equity shares of Rs 10 each for cash at a premium to be decided through the 100% book-building process. The net public offering would constitute 39.18 % of the fully diluted post issue paid up capital of the company.

Promoted by Satish Goel, the company proposes to set up an integrated steel plant of capacity of 2,40,000 MTPA for production of stainless steel and alloy long products and alloy seamless product adjacent to the existing facilities at Raigarh district of Chhattisgarh, which is scheduled to be completed by April-June quarter, 2008. The object of the issue is to part finance this project besides meeting public issue expense and the expenses for general corporate purposes.

UTI Securities is the sole book running lead manager to the issue.

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