Gallantt Metal to set up green field steel plant in Gujarat

Mumbai, Mar 2 (UNI) Gallantt Metal Limited (GML), a Gujarat based firm promoted by Chadra Prakash Agarwal, is entering the market with an issue of 371.20 lakh equity shares with a face value of Rs 10 each for cash at par aggregating Rs 37.12 crore.

The money will be utilised to part finance its Rs 190.82 crore vertically integrated greenfield steel plant project at Kutch region of Gujarat. The project has a partcipation of Rs 114.50 crore as term loans from consortium of Banks and Rs 45.20 crore from its promoters.

The issue will open for subscription between March 6-10 and will be listed on BSE and NSE.

The first phase of the integrated steel plant having captive power generation facility of 18 Mw, has started commercial production in December last while the phase two of the project is currently under implementation at Samakhayali village near Kandla port.

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