Vraj Iron And Steel's IPO To Open On June 26

Price Band fixed at Rs195 to Rs207 per equity share of face value of Rs10 each

(L-R) Shripal Shah, MD, Aryaman Financial Services, Vijay Anand Jhanwar, Chairman and MD, Vraj Iron and Steel, Shriram Verma, CFO, Vraj Iron and Steel, Prasant Kumar Mohta, Whole-Time Director, Vraj Iron and Steel at the IPO conference in Mumbai on Thursday

FinTech BizNews Service

Mumbai, June 20, 2024: Vraj Iron and Steel Limited (“VISL” or the “Company”), shall open its Bid / Issue in relation to its initial public offer of Equity Shares on Wednesday, June 26, 2024.

The total issue size of Equity Shares of face value Rs10 each aggregated up to Rs1,710 million [Rs171 crore] comprises of fresh issue (The “Fresh Issue”).

The Anchor Investor Bidding Date shall be Tuesday, June 25, 2024.  The Bid/Issue will close for subscription on Friday, June 28, 2024.

The Price Band of the Issue has been fixed at Rs195 to Rs207 per Equity Share. Bids can be made for a minimum of 72 Equity Shares and in multiples of 72 Equity Shares thereafter. (The “Price Band”).

The Company proposes to utilize net proceeds towards funding for (i) Capital Expenditure towards the “Expansion Project” at Bilaspur Plant estimated to be Rs1,645 million [Rs164.50 crore] and (ii) balance amount towards General corporate purpose. (The “Object of the Issue”)

The capital expenditure estimated to be Rs1,645 million [Rs164.50 crore] towards Capital expenditure for the “Expansion Project” at Bilaspur Plant. The Company has already deployed Rs700 million [Rs70 crore] from loan from HDFC Bank which is proposed to be repaid from net proceeds of the IPO. For the balance amount of Rs945 million [Rs94.5 crore] the Company has already deployed Rs320 million [Rs32.00 crore] from internal accrual and further wish to deploy Rs30 million [Rs3.00 crore] from internal accruals. The rest of the Rs595 million [Rs59.5 crore] is further to be funded from the net proceeds of the IPO in FY 2024-25.

The Equity Shares are being offered through the Red Herring Prospectus of the Company dated June 18, 2024 filed with the Registrar of Companies, Chhattisgarh.  (The “RHP”)

The Equity Shares to be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges being BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” together with BSE, the “Stock Exchanges”). For the purposes of the Issue, BSE is the Designated Stock Exchange. (The “Listing Details”)

Aryaman Financial Services Limited is the Book Running Lead Manager.

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