German Green Steel and Power Ltd will hit the primary market on September 25 with a Rs 304-crore initial public offering (IPO), as the iron and steel maker seeks funds to expand its manufacturing capacity and invest in renewable power.
In a public announcement, the Gujarat-based company has fixed a price band of Rs 132-139 per equity share for its IPO, which is scheduled to close on September 29.
The IPO comprises a fresh issue of equity shares worth up to Rs 290 crore and an Offer for Sale (OFS) of 10 lakh equity shares valued at Rs 13.9 crore.
At the upper end of the price band, the issue size works out to around Rs 304 crore.
The company has reduced its issue size as the earlier IPO plan comprised a fresh issue of up to Rs 450 crore and an OFS of up to 20 lakh equity shares.
Proceeds from the fresh issue will be utilised for the expansion of the company’s manufacturing facility at Samakhiyali, Kutch, Gujarat, and a hybrid wind and solar power plant, repayment of debt, and gener
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