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AML steel to raise 120 cr through public issue

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Chennai, Apr 6 (UNI) AML Steel Limited has filed Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) for its forthcoming follow-on public issue of equity shares of Rs 10 each for cash at a premium aggregating to Rs 120 crore.

The issue is to be made through a 100 per cent book building process to be conducted on the Mumbai and National Stock Exchange, a company release here said.

Of the Rs 120 crore to be raised through the issue, Rs 20 crore would be raised as Promoters Contribution and the balance Rs 100 crore would be the net offer to public, it said.

The company is raising the money to part finance its wholly owned subsidiary's, integrated steel project being set up in Jharkhand, acquisition of existing steel plants and to fund the working capital requirements of the Company and its wholly owned subsidiaries.

The subsidiary has already being allotted 384 acres of ironore mine in Bokana village in Jharkhand to feed ironore requirements to the integrated steel project, the release added.

UNI WS ROY 1849

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