Porwal Auto to increase manufacturing capacity to 27,600 MTPA

New Delhi, Dec 13 (UNI) Porwal Auto Components Ltd today said it plans to increase manufacturing capacity of SG and CI castings to 27,600 metric tonne per annum (MTPA) from existing 6,600 MTPA and set up a wind mill with power generation capacity of 1.5 MW for captive consumption.

''We plan to expand the manufacturing capacity from 6,600 MTPA to 27,600 MTPA and also set up one wind mill with power generation capacity of 1.5 MW,'' Company's Managing Director Devendra Jain told reporters here.

To raise the fund for the expansion, the company will raise Rs34-37 crore from capital market through initial public offer (IPO) of 50 lakh shares of Rs 10 each at price band Rs 68-75 per share.

The issue, that opens on December 17 and closes on December 20, would constitute 33.11 per cent of the post issue paid-up capital.

The existing shares of the company are listed on the Over-the-Counter Exchange of India.

The shares offered through the IPO will be listed on the BSE.

Keynote Corporate Services is the sole book running lead manager to the issue.

UNI