IPO Alert: Shyam Metalics and Energy looks to raise Rs 1,107 crore through IPO
IPO Alert: Shyam Metalics and Energy looks at raising Rs 1,107 crore through IPO
West Bengal-based Shyam Metalics and Energy has filed a draft red herring prospectus (DRHP) with capital market regulator, Securities Exchange Board of India (SEBI). The metal-producing company through an initial public offering (IPO) is looking at raising around Rs 1,107 crore, it stated in its DRHP.
The net proceeds of the IPO is proposed to be used for repayment/prepayment, in full or part, of debt of the Company and SSPL, one of its subsidiaries; and general corporate activities.The companyâs debt is basically availed term loans and working capital facilities in the ordinary course of business, for the purpose of capital expenditure, purchase raw materials, packing material, stores, spares and services required for day-to-day operations.