Experts say don't apply for Burnpur Cement IPO ~ IPO India: IPO News India, Latest IPO News from Share Market India, Indian IPO News

Tuesday, November 27, 2007

Experts say don't apply for Burnpur Cement IPO

Burnpur Cement proposes to enter capital market to raise Rs 26.20 crore to part-finance a clinkerisation and cement grinding plant in Jharkhand.

The company is offering 20.8 million shares, or 48.39 per cent of its pre-issue paid up caital, at a price of Rs 12 per share. The issue would open on November 28 and close on December 3.

The proceeds of the issue would be used to part-finance setting up of a 800 TPD clinkerisation and cement grinding plant in Jharkhand at a cost of Rs 120 crore. The plant is expected to go on stream from 2008-end. The remainder amount would be funded through debt and internal accruals.

Burnpur Cement currently produces 0.3 million tonnes of cement annually at its plant in West Bengal.

SREI Capital markets is the lead manager of the issue.

Source: Moneycontrol.com

No comments: