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Kamdhenu Ispat floats public issue of 1,28,00,000 equity shares

Written by: Staff

New Delhi, May 9 (UNI) Kamdhenu Ispat Ltd today floated a public issue of 1,28,00,000 equity share to meet the cost requirements for the company's various expansion plans.

The issue will be used to fund the setting up of 10 stockyards across the country to facilitate their distribution and marketing network and set up their corporate office.

The public issue of the reinforced steel bars manufacturing and infrastructure company comprises promoters' contribution of 36,74,700 equity shares of Rs 10 each at a premium of Rs 15 and a net offer to the public of 91,25,300 equity shares.

The Issue also had a Green Shoe Option of 13,68,795 equity shares.

Kamdhenu's Initial Public Offering (IPO) of Rs 25 per share with face value of Rs 10 has been listed at Rs 34 and Rs 31 on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) respectively.

The IPO touched Rs 40 within the first hour of opening of the market and closed at Rs 51.25 on NSE. This has ensured 100 per cent returns to the investors at the current market proposition. Earlier Kamdhenu IPO had registered an upbeat 5.5 times oversubscription.

Expressing his delight over the performance of Kamdhenu IPO in the capital market, Kamdhenu Ispat Ltd, CMD Satish Agarwal said, ''we are thankful to our investors to have shown confidence over us and we assure them that we will keep up to their expectations''.

The current Steel production capacity of the company including its 22 franchise Steel units is 8,00,000 MT per annum which has shown since a remarkable growth since 1995 when it recorded a production capacity of 24,000 MT.


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