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Shyam Steel Get SEBI nod for IPO

Steel News - Published on Wed, 09 Oct 2019

Image Source: justdial.com
Kolkata based firm Shyam Steel Industries have received markets regulator Sebi's approval to float initial public offerings. Shyam Steel has got observations of the markets watchdog on September 20. It had approached Sebi with its IPO papers in June. Shyam Steel's IPO consists of fresh issue of up to INR 200 crore and an offer for sale of up to 66.70 lakh shares, comprising up to 11.60 lakh shares by the promoter and up to 55.09 lakh shares by other shareholders, according to the Draft Red Herring Prospectus.

Merchant banking sources said the IPO size is estimated to be around INR 500 crore. It plans to utilise the net proceeds towards repayment of certain borrowings of the company as well as its subsidiary Shyam Steel Manufacturing and for other general corporate purposes.

Shyam Steel is a thermo mechanically treated rebar player having integrated steel plants. The company operates all its steel manufacturing plants in West Bengal.

Source :

Posted By : Rabi Wangkhem on Wed, 09 Oct 2019
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