The internet IPO proceeds might be used for compensation or prepayment of debt and different company functions
Shyam Metalics and Energy has obtained the go-ahead from markets regulator Sebi to drift a Rs 1107 crore preliminary public supply (IPO). The Kolkata-based firm’s IPO will comprise a recent issuance of fairness shares price Rs 657 crore and a proposal on the market 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 supply will embrace a reservation of as much as 3 lakh shares for eligible staff.
The internet IPO proceeds might be used for compensation or prepayment of debt and for different normal company functions, Shyam Metalics mentioned in its draft papers.
Shyam Metalics had filed its draft crimson herring prospectus (DRHP) with the market regulator on February 27.
Shyam Metalics offers in lengthy metal merchandise and ferro alloys, and operates manufacturing services at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.
