Rajputana Stainless files draft papers with Sebi to mobilise funds via IPO
capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO is a combination of fresh issuance of up to 1.9 crore equity shares and an Offer-For-Sale of up to 35 lakh shares by promoter Shankarlal Deepchand Mehta, according to the Draft Red Herring Prospectus (DRHP) filed on December 30.
The aggregate shareholding of the promoters and promoter group of Rajputana Stainless is at 78.21 per cent, while public shareholders have a 21.79 per cent stake.
The net proceeds from the fresh issue, amounting to Rs 18.31 crore, will be utilised by the company to set up a manufacturing unit for stainless steel seamless pipes to expand product portfolio, and Rs 37.68 crore towards working capital requirement for the proposed facility.
Proceeds from the IPO worth Rs 76.50 crore will also be used by the firm to repay debt and general corporate purposes.
Incorporated in 1991 as Rajputana Steel Castings, the company transitioned into Rajputana Stainless in 2007 after a strategic restructuring.
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