SEL to enter capital market

Chennai, Mar 7 (UNI) The Nagpur-headquartered Solar Explosives Limited (SEL) is entering the capital market with a public issue of 44,00,000 equity shares of Rs ten each through 100 per cent book building process.

The public issue will open on March nine and close on March 13.

The price band was fixed at Rs 170 to Rs 190, SEL CCO and one of the Directors Manish Nuwal told reporters here today.

Of the 44,00,000 lakh shares, 60,000 equity shares were reserved fot SEL employees. The rest would be offered to public.

The funds raised through the IPO would be used for expansion projects for manufacture of Bulk Explosives in India and for the proposed expansion project for manufacture of cartridge explosives and magazines (storage facility) in Nigeria.

He said 13 Bulk Explosives Plants (BEPs) at a total investment of Rs 76 crore would be set up in 13 locations across the country under the two phase expansion programme.

In the first phase, eight BEPs and the overseas facility in Nigeria would be completed by September this year. Five BEPs more would be constructed and it would be completed by September next year.

Mr Manish Nuwal said SEL also intended to set up support and transfer plants for Bulk Explosives, mostly in the eastern aprt of the country to cater to coal and iron mines in the region.

SEL was is one of the largest manufacturers and suppliers of explosives and explosive accessories in India covering the entire range of products like bulk and cartridge explosives (licensed capacity 1,75,000 MT), detonators (140 million), detonating cords (20 million metres) and cast boosters (60 MT).

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