MUMBAI, Oct 25 (Reuters) - Barak Valley Cements Ltd plans to
raise up to 237.7 million rupees through an initial public offer
of 5.66 million shares in a price band of 37-42 rupees per share,
a top official said on Thursday.
The proceeds from the issue, which would constitute 25.03
percent of the firm's post-issue paid up capital, would be used
to fund its expansion plans and set up a captive power plant,
Managing Director, Kamakhya Chamaria told reporters.
The issue opens on October 29 and closes on November 1.
The company plans to increase the cement manufacturing
capacity at its plant in north-eastern India to 1,050 tonnes per
day from the present 760 tonnes per day and to set up a bio-mass
based captive power plant, he said.
The company mainly caters to the north-eastern states of
Assam, Mizoram and Tripura, he said.
"Cement demand in north-east is about 4 million tonnes while
total production is about 2.5 million tonnes," he said, adding
the federal government's focus on developing the region's
infrastructure is generating more demand for cement in the area.
((Reporting by Kaustav Roy, editing by Prem Udyabhanu;
Reuters Messaging: [email protected],
+91-22-6636-9000))
Keywords: BARAK IPO/