MUMBAI: Burnpur Cements’ initial public offering opens on Wednesday. The company will raise Rs 26.28 crore by issuing 2.19 crore shares of face value Rs 10 each at a premium of Rs 2. The issue closes on December 3.
Net issue to the public would be 2,08,05,000 shares constituting 48.39 per cent of the fully diluted post issue paid-up capital.
Burnpur Cements requires Rs 120.90 crore for setting up of 800 tonne per day capacity clinkerisation and cement grinding unit, expandable to 1,600 tonne per day, at Patratu in Jharkhand.
Net proceeds from the IPO will used for the above said capacity expansion and remaining Rs 80.60 crore will be raised in the form of term loan.
The company manufactures Portland Slag Cement at Asansol, West Bengal.
The company will roll-out clinkers, Ordinary Portland Cement, Portland Pozzolona Cement and Portland Slag Cement from its new plant. Commercial production is expected to begin by the end of 2008.
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