Mumbai: Castings and component manufacturing company Nelcast is launching an initial public offering (IPO) of 4.35 million equity shares to raise Rs95.27 crore to fund a new manufacturing unit at Gudur in Andhra Pradesh. “The issue constitutes 25% of the post-issue paid-up capital,” said promoter P.R.K. Reddy, who holds 92% of Nelcast shares.
The equity would be in the price band of Rs195-219 of face value of Rs10 each, with the bid opening on 4 June and closing on 8 June.
With the new unit the company’s capacity will go up to 150,000 tonnes, he added.