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Tuesday, November 06, 2007

Burnpur Cement to raise Rs 26.20 cr through IPO

Burnpur Cement Limited is planning to come up with its Initial Public Offer and raise Rs 26.20 crore to part-finance a clinkerisation and cement grinding plant in Jharkhand.

Vice-chairman and managing director of Burnpur Cement Ashok Gutgutia told reporters here today the company had received approval from capital market regulator SEBI to float the IPO.

The company plans to offer 20.8 million shares, or 48.39 per cent of its pre-issue paid up caital, at a price of Rs 12 per share.

The issue would open on November 28 and close on December 3. Srei Capital markets is the lead manager of the issue.

The proceeds of the issue would be used to part-finance setting up of a 800 TPD clinkerisation and cement grinding plant in Jharkhand at a cost of Rs 120 crore.

The plant is expected to go on stream from 2008-end.

The remainder amount would be funded through debt and internal accruals.

Burnpur Cement currently produces 0.3 million tonnes of cement annually at its plant in West Bengal.

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