Vraj Iron And Steel Limited’s IPO to open on June 26

Ahmedabad: 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 ₹ 10 each aggregated up to ₹  1,710 million [₹   171 crore] comprises of fresh issue (The “Fresh Issue”), the company said.

“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 ₹ 195 to ₹ 207 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 said in a statement.

“The Company proposes to utilize net proceeds towards funding for (i) Capital Expenditure towards the “Expansion Project” at Bilaspur Plant estimated to be ₹ 1,645 million [₹ 164.50 crore] and (ii) balance amount towards General corporate purpose. (The “Object of the Issue”),” the company said.

The company said, “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