Readymade Steel India said it will tap the capital market to raise about INR 35 crore through an initial public offer, which opens on June 27 to fund its expansion plan.

Readymade Steel in a statement said that it is entering the Indian capital markets with its IPO aggregating INR 34.74 crore."

The company, which is primarily in the business of providing ready to use steel for construction activities to the infrastructure industry, has fixed the price band at INR 90 to INR 108. The issue will open for subscription on June 27 and closes on June 29.

The proceeds would be used for financing the expansion of existing facility at Khopoli in Maharashtra and setting up of new facilities near New Delhi and Raipur. The funds would also be used to meet working capital requirements.

Arihant Capital Markets Ltd is the book running lead manager to the issue.

(Sourced from PTI)