Rajputana Stainless has filed its preliminary papers with the market regulator -- Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is a combination of fresh issuance of up to 1.9 crore equity shares and an Offer-For-Sale of up to 35 lakh shares by promoter Shankarlal Deepchand Mehta.
The aggregate shareholding of the promoters and promoter group of Rajputana Stainless is at 78.21 per cent, while public shareholders have a 21.79 per cent stake.
The net proceeds from the fresh issue, amounting to Rs 18.31 crore, will be utilised by the company to set up a manufacturing unit for stainless steel seamless pipes to expand product portfolio, and Rs 37.68 crore towards working capital requirement for the proposed facility. Proceeds from the IPO worth Rs 76.50 crore will also be used by the firm to repay debt and general corporate purposes.
Rajputana Stainless stands as a premier special steel manufacturer in the country, boasting over three decades of unwavering commitment to excellence in the steel industry. The company specialises in manufacturing long and flat stainless-steel products which includes billets, forging ingots and rolled black bars.
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