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Thursday, September 27, 2007

Ramsarup Lohh to enter capital mkt with 3 cr share issue

Ramsarup Lohh Udyog, part of Kolkata-based Ramsarup Group, has filed draft red herring prospectus with the Securities & Exchange Board of India for its initial public offering.

The company proposes to enter the capital market with public issue of 3 crore equity shares of Rs 10 each for cash at a premium to be decided later.

The net issue of 2.70 crore shares to the public will constitute 39.17 per cent of the fully diluted post issue paid up capital.

The group company sources steel billets for manufacture of steel wires and construction of steel products from Steel Authority of India, Tata Steel and others.

In order to be self sufficient, it has embarked upon an initiative to achieve complete backward integration by setting up an integrated steel plant at Kharagpur, West Bengal, to produce steel billets and wire rods under aegis of Ramsarup Lohh Udyog.

The net proceeds the issue would be used to finance the integrated steel plant at a cost estimated to be Rs 745.44 crore.

Microsec Capital and Religare Securities are the book running lead managers to the issue, reports The Economic Times.

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