AMPL to raise Rs 34.56 cr from capital market

Mumbai, June 15 (UNI) Kolkata-based unlisted company Ankit Metal and Power Limited (AMPL), engaged in steel and allied products manufacturing, has decided to raise 34.56 crore from the capital market through an initial public offering (IPO) of 1.19 crore shares.

The comapny is raising the capital to part finance the setting up of an integrated steel plant comprising a sponge iron plant, a rolling mill and steel melting shop for making mild steel and re-rolled products and two capitve power plants.

Addressing a press conference, AMPL Managing Director Ankit Patni said the proposed project is being financed with equity of Rs 38.49 crore which has already been brought in by the promoters, Rs 65.15 crore as Term Loans from the banks and the balance through the IPO which further has a promoter contribution of 23.10 lakh shares.

AMPL, a profit making company promoted by Mr Suresh Patni, has over 20 years experience in the iron and steel industry and has a good track record of profit.

The company, which has its steel plant at Chhatna, Jorehira in Bankura district of West Bengal, is implementing the proposed project in view of the robust demand for sponge iron in the country, Mr Patni said The forthcoming IPO is being made through 100 per cent book building route. The equity share of face value of Rs 10 each are being offered for cash at a price band of Rs 30 to Rs 36 per share. The bid issue opens on June 18 and closes on June 22.

UNI