Mukand to raise Rs 160 crore through a rights issue

Steel manufacturer Mukand is planning to raise Rs 160 crore through a rights issue. In this regard, the company has filed initial papers with market regulator Securities and Exchange Board of India (SEBI). The company will use the issue proceeds for payment of dues of the banks and financial institutions, working capital requirements and for general corporate purpose.

ICICI Securities is the lead manager to the issue while Karvy Computershare is the registrar for the same. Further, BSE is the designated stock exchange for the purposes of the issue.

Mukand, earlier known as Mukand Iron & Steel Works, is engaged in manufacturing of alloy and stainless steel long products. The company operates in four segments namely steel, industrial machinery, road construction and other products.