MUMBAI, Oct 11 (Reuters) - Steel bar maker Rathi Bars Ltd
plans to raise 250 million rupees through an initial public offer
of 7.14 million shares at 35 rupees each, senior officials said
on Thursday.
The proceeds from the issue, which would constitute 43.74
percent of the firm's post-issue capital, would be used to expand
its annual production capacity and fund working capital, director
Anurag Rathi told reporters.
Its capacity is expected to reach 100,000 tonnes per year by
December 2008 from the present 75,000 tonnes, he said. "We are
working on 85 percent of our capacity and that is expected to go
up to 95 percent," he said. The company also plans to start
production of billets, he added.
Rathi Bars' customers include India's most valuable real
estate firm DLF Ltd <DLF.BO>, Exide Industries Ltd <EXID.BO>,
NTPC Ltd <NTPC.BO>, Omaxe Ltd <OMAX.BO> and Ansal Properties &
Infrastrucutre Ltd <ANSP.BO>, director Anupam Rathi said.
The issue opens on October 18 and closes on October 23, 2007.
((Reporting by Kaustav Roy, editing by Sunil Nair; Reuters
Messaging: [email protected],
+91-22-6636-9000))
Keywords: RATHI IPO/