SEBI Clears Shri Bajrang Power & Ispat IPO
PTI reported that Raipur based steel company Shri Bajrang Power and Ispat Ltd has received capital markets regulator Sebi''s go-ahead to raise INR 700 crore through an initial share sale. An update from the market regulator SEBI showed that Shri Bajrang Power and Ispat Ltd, which filed its draft papers with SEBI in July, obtained its observations on August 26, which implies its go ahead for the IPO. According to the draft papers, proceeds from the issue would be utilised towards repayment or prepayment, of certain borrowings of the company, funding incremental working capital requirements, and for general corporate purposes.
Equirus Capital Private Limited and SBI Capital Markets Limited are the books running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.
Shri Bajrang Power and Ispat Ltd is one of the leading integrated steel companies based out of central India and a key player in the country in terms of capacity for iron ore pellets, iron ore beneficiation, and sponge iron.