Austral Coke to raise Rs 140 cr through IPO; opens on Aug 7

New Delhi, Aug 4 (UNI) Austral Coke and Projects Ltd today said it plans to raise Rs 140 crore for its expansion through the initial pubilc offering of its 72,60,000 equity shares, which opens on August 7.

The IPO will also have a green shoe option of 10,89,000 shares and it will close on August 13.

The company has priced the shares, having face velue of Rs 10, in the band of Rs 164 to Rs 196.

Austral Coke manufactures low ash metallurgical coke and is also involved in the business of equipment rental, refractory and textile trading.

''We are planning a 1,50,000 tonne per annum LAM coke unit and an eight MW captive power plant through waste heat recovery which is coming up at Sindhudurg in Maharashtra,'' company Managing Director Rishi Raj Aggarwal told reporters here.

The company plans to utilise Rs 40 crore for acquiring coal mines either in India or abroad and retire high cost debt, he added.

Austral Coke has concluded pre-IPO placement of 27,40,000 shares to Somerset India Fund at Rs 196 per share, aggregating to Rs 53.70 crore.

CARE has assigned IPO Grade 2 to the issue, which is being lead managed by Allbank Finance, Prabhudas Lialladher, Saffron Capital Advisors and Ellara Capital (India).

UNI AK SG ND1455