Resurgere Mines & Minerals India, a company engaged in the business of extraction, processing and sale of mineral products and exploration and development of mining assets, will list on the bourses with its equity shares on September 1, 2008. The issue price is Rs 270 per share.
The public issue of 4,450,000 Equity shares of Rs 10 each was subscribed 1.16 times.
Motilal Oswal Investment Advisors Pvt. Ltd was the BRLM for the Issue and PL Capital Markets Pvt. Ltd and Ashika Capital Ltd were the Co-BRLMs for the Issue. The Equity shares are proposed to be listed on BSE and NSE.
The Company proposes to utilize the net proceeds of the Issue to part finance its plan for purchase of Plant and Machinery valued at Rs 1,285.64 million for setting up of its own extraction and crushing facilities at the mines and purchase of six railway rakes worth Rs 1,163.60 million to set up own logistics infrastructure facilities, besides meeting margin money requirement for working capital.
The Company proposes to part finance the cost through term loans of Rs 860 million to be raised from banks, Rs 430 million through Private Equity funding from Merrill Lynch International and Rs 137.30 million through Pre-IPO allotment. Merrill Lynch International holds 3,000,000 Equity shares, India Business Excellence Fund-I holds 910,000 Equity shares, IL&FS Trust Co. Ltd ( Trustees of Business Excellence Trust-India Business Excellence Fund ) hold 402,500 Equity shares, Mr Motilal Oswal hold 250,000 Equity shares and Mr. Raamdeo Agarwal holds 200,000 Equity Shares in the Company.
Source: Moneycontrol.com
Friday, August 29, 2008
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