German Green Steel Raises Rs 91 Crore From Anchor Investors

New Delhi: German Green Steel and Power Ltd has raised Rs 91.16 crore from anchor investors ahead of its Rs 304-crore initial share sale, which opens for public subscription on Friday.

The Gujarat-based iron and steel maker has fixed a price band of Rs 132-139 per equity share for the IPO, which will close on September 29.

According to a circular uploaded on BSE’s website, the company has allocated 65,58,991 equity shares at Rs 139 apiece to anchor investors.

The anchor allocation saw participation from various investors, including Necta Bloom VCC, Lords Multigrowth Fund, Compact Structure Fund, Arnesta Global Opportunities Fund PCC, Zeal Global Opportunities Fund and Venus Investments VCC.

Also Read: All You Need to Know About German Green Steel & Power IPO

The IPO comprises a fresh issue of equity shares worth up to Rs 290 crore and an offer for sale (OFS) of 10 lakh equity shares. At the upper end of the price band, the issue size works out to around Rs 304 crore.

The company has reduced its issue size from its earlier plan, which comprised a fresh issue of up to Rs 450 crore and an OFS of up to 20 lakh equity shares.

Proceeds from the fresh issue will be utilised for expansion of the company’s manufacturing facility at Samakhiyali, Kutch, Gujarat, setting up a hybrid wind and solar power plant, repayment of debt and general corporate purposes.

German Green Steel and Power is a vertically integrated iron and steel manufacturing company. Its product portfolio comprises TMT bars, MS billets and sponge iron.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)