German Green Steel Ltd. on Monday filed its preliminary papers with the Securities and Exchange Board of India to raise funds via an initial public offering. The public offer will include fresh issues of shares worth Rs 450 crore and offer-for-sale of up to 20 lakh shares.
Promoters Inamulhaq Shamsulhaq Iraki and Abdulhaq Shamsulhaq Iraki will be offloading their shares.
The equity shares are proposed to be listed on the National Stock Exchange of India and BSE.
Systematix Corporate Services Ltd. and Emkay Global Financial Services Ltd. are the book-running lead managers for the issue and Bigshare Services Pvt. will be the registrar of the issue.
German Green Steel is a vertically integrated iron and steel manufacturer primarily operating in the western region of India, with a strong presence in Gujarat. Their product portfolio comprises mainly of TMT bars, MS billets and sponge iron.
The company has two manufacturing facilities located in Gujarat—one located at Samakhiyali, which is vertically integrated, and the other is located at Viramgam, which is operated through subsidiary German TMX Pvt.
Proceeds from the fresh issue will be utilised towards funding the capital expenditure requirements of the company towards expansion of its manufacturing facility at Samakhiyali, Kutch at Gujarat and hybrid wind and solar power plant. It will also be used for prepayment or re-payment of certain outstanding borrowings availed by the company and general corporate purposes.
The company will not receive any proceeds from the offer-for-sale and the proceeds received from it will not form part of the net proceeds.
The promoter selling shareholders will be entitled to their portion of the proceeds of the offer-for-sale in proportion of the equity shares offered by them after deducting his proportion of offer related expenses and relevant taxes thereon, it said.
. Read more on IPOs by NDTV Profit.German Green Steel is a vertically integrated iron and steel manufacturer primarily operating in the western region of India, with a strong presence in Gujarat. Read MoreIPOs, Markets, Business, Notifications
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