Resurgere Mines enters capital market

Mumbai, Jun 5 (UNI) Resurgere Mines and Minerals Limited has proposed to enter the capital market with a public issue of 4,50,000 equity shares of Rs ten each through cent per cent book building process to raise necessary funds for its proposed expansion plans.

The Company has already filed DRHP with SEBI for the purpose. The issue is likely to enter on July second week this year.

Resursgere Mines and Minerals Limited Managing Director Subhash Sharma told reporters, ''The Company has proposed to invest a sum of Rs 128 crore for acquisition of plant and machinery to be installed at all mining locations. Further, the Company will also be investing Rs 115 crore in Railway Rakes under Wagon investment scheme of Indian Railways so as to develop logistic support facilities for movement of iron ore Fines from mines to port for the purpose of Export to China.'' The Company has already placed orders with various suppliers for supply of plant and machineries and Railway rakes. Presently, the Company have two iron ore mines at Orissa and third at Jharkhand and also Boxide mine at Maharashtra. The Company is also in the process of obtaining mining lease for iron ore over an area of 108.77 hectares in the Maharashtra. The Company has also applied for two prospecting leases of iron ore in Banda region District Sindhudurg, he added.

UNI AR GR SM13O6