Mumbai, Dec 10 (UNI) Porwal Auto Component's 50 lakh-share initial public offer will hit the capital market on December 17 to raise funds for its expansion plans.
The issues with face value of Rs 10 per share will have a fixed price band between Rs 68 and Rs 75 per share. The issue closes on December 20, the company said here today.
With this, the company would raise Rs 34 to Rs 37.50 crore, which would constitute 33.11 per cent of the post issue paid-up capital.
The company plans to use the proceeds to increase capacity of SG and CI castings from existing 6,600 metric tonnes per annum to 27,600 metric tonnes per annum (TPA) and set up a wind mill with power generation capacity of 1.5 MW for captive consumption.