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Shyam Metalics and Energy file papers to raise INR 909 cr through IPO

Shyam Metalics plans to utilise the proceeds for payment of debt, including that of its subsidiary SSPL and for other general corporate purposes.


PTI Last Updated at 07 Aug 2018, 13:08 IST India
Shyam Metalics and Energy file papers to raise INR 909 cr through IPO
  • The equity shares will have a face value of Rs 10 and the price band will be decided in consultation with the merchant bankers. (Image Credit: Twitter)

Shyam Metallics and Energy, a leading integrated metal producing company, has filed draft papers with markets regulator Sebi to raise Rs 909 crore through an initial public offer (IPO).

Shyam Metallics plans to utilize the proceeds for payment of debt, including that of its subsidiary SSPL and for other general corporate purposes.

"The company's IPO comprises a fresh issue of shares worth up to Rs 909 crore," according to the draft red herring prospectus (DRHP) filed with Sebi.

The equity shares will have a face value of Rs 10 and the price band will be decided in consultation with the merchant bankers.

ICICI Securities, Edelweiss Financial Services, IIFL Holdings and JM Financial are the merchant bankers to the issue.

Kolkata-based Shyam Metalics is one of the largest manufacturers of long steel products and ferroalloys in the country. It operates three manufacturing plants – one in Odisha and two in West Bengal, with an aggregate installed metal capacity of 2.90 metric tonnes per annum (MTPA).

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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