The net IPO earnings will be utilized for repayment or prepayment of debt and other corporate purposesShyam Metalics and Energy has gotten the consent from markets regulator Sebi to float a Rs 1107 crore preliminary public deal (IPO).
The Kolkata-based business's IPO will comprise a fresh issuance of equity shares worth Rs 657 crore and an offer for sale of Rs 450 crore by promoter and promoter Group i.e.
Subham Capital, Subham Buildwell, Kalpataru Housefin - Trading, Dorite Tracon, Narantak Dealcomm and Toplight Mercantiles amounting to Rs 450 crore.The public deal will include a booking of approximately 3 lakh shares for eligible employees.The net IPO proceeds will be utilized for payment or prepayment of financial obligation and for other basic corporate functions, Shyam Metalics said in its draft papers.Shyam Metalics had submitted its draft red herring prospectus (DRHP) with the market regulator on February 27.
Shyam Metalics handle long steel items and ferro alloys, and operates producing facilities at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.