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Gallantt Ispat plans IPO to raise Rs 40cr; files DRHP with SEBI

Last Updated: Friday, December 25, 2009 - 11:37

New Delhi: Steel producer Gallantt Ispat Ltd is planning to raise about Rs 40 crore through a public offer and has filed draft papers with the capital market regulator SEBI.
The Kolkata-based company plans to hit the capital market with a public issue of 81 lakh shares of face value of Rs 10 a piece, as per the details available in the Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).

The issue price of the shares has been fixed at Rs 50 a piece, aggregating to Rs 40.50 crore.

The IPO proceeds would be utilised to part finance the
setting up of its integrated steel plant and a flour mill
among others.

Shares offered through the initial public offer (IPO) are
proposed to be listed on the National Stock Exchange and the
Bombay Stock Exchange, as per DRHP.

Anand Rathi Advisors Ltd is the sole lead manager of the

The company is engaged in manufacturing sponge iron, M
S billets and re-rolled products (TMT bars). Gallantt has
manufacturing facilities in Uttar Pradesh and Gujarat.


First Published: Friday, December 25, 2009 - 11:37

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