Niraj Cement Structurals IPO on May 26

Mumbai, May 22 (UNI) Niraj Cement Structurals Limited, an engineering and construction company focusing on road construction development, proposes to enter the capital markets on May 26 with a public issue of 32,50,000 equity shares of Rs ten each through 100 per cent book building process.

The price band has been fixed at Rs 175 to Rs 190 and the issue will close on May 30. The equity shares are proposed to be listed on the BSE.

Niraj Cement CMD V K Chopra told mediapersons here today that the Company proposes to utilise the net proceeds of the issue to finance its plans for investing in capital equipments on a recurring basis, and fund long-term working capital requirements for general corporate purposes.

The Company intends to bid for road-related infrastructure projects in more states and regions. It will leverage its strength in road construction to bid for projects on BOOT and BOT basis which will enhance the core competence of the Company, Mr Chopra said.

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