Bombay Coated And Special Steels has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offering (IPO). The proposed IPO is entirely a fresh issue of equity shares worth Rs 191 crore.
Net proceeds from the fresh issue will be utilised by the company for repayment of debt, financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services and general corporate purposes. Shares of the company are proposed to be listed on the BSE and the NSE.
The company is engaged in the business of converting steel coils into value-added processed steel products. Its core competencies include precision slitting, cut-to-length processing, shearing, and embossing of steel coils into slit coils and blanks/sheets (processed steel products).
