AML Steel to raise Rs 120 cr through public issue

Mumbai, Apr 6 (UNI) AML Steel has filed its draft red herring prospectus (DRHP) with the Securities&Exchange Board of India (SEBI) for its forthcoming follow-on public issue of Rs 120 crore.

The issue is to be made through a 100 per cent book-building process, a release issued here today stated.

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 the public.

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 book-running lead managers to the issue are Karvy Investor Services Limited and Centrum Capital Limited.

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