Sona BLW Precision Forgings
Sona BLW Precision Forgings (Sona Comstar) will open its initial public offering for subscription on June 14 and will close on June 16. The price band for the offer has been fixed at Rs 285-291 per equity share. The public issue of Rs 5,550 crore comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 5,250 crore by Singapore VII Topco III Pte Ltd, an affiliate of The Blackstone Group Inc. The company has garnered Rs 2,498 crore from anchor investors. Blackstone-backed automotive technology company intends to use net proceeds from fresh issue for repaying a debt of Rs 241.12 crore and general corporate purposes. Bids can be made for a minimum of 51 equity shares and in multiples of 51 shares thereafter. The company is primarily engaged in designing, manufacturing, and supplying highly engineered, mission-critical automotive systems and components to automotive original equipment manufacturers (OEMs).
Shyam Metalics and Energy
The Rs 909-crore initial public offering of Shyam Metalics and Energy will open for bidding on June 14 and close on June 16. The price band for the offer has been fixed at Rs 303-306 per equity share. The offer comprises a fresh issue of Rs 657 crore and an offer for sale of Rs 252 crore by the selling shareholders. The proceeds from the fresh issue will be used for servicing the debt Rs 470 crore and general corporate purposes. Investors can bid for a minimum of 45 equity shares and in multiples of 45 shares thereafter. The minimum investment amount for retail investors will be Rs 13,770, and Rs 1,92,780 will be the maximum investment at a higher end of the price band.
Kolkata-based Shyam Metalics is a leading integrated metal producing company with a focus on long steel products and ferroalloys. It is among the largest producers of ferroalloys in terms of installed capacity in India. The company operates three manufacturing plants in Sambalpur in Odisha and Jamuria and Mangalpur in West Bengal. The aggregate installed metal capacity of the plants is 5.71 million tonnes per annum (MTPA). Its manufacturing plants also include captive power plants with an aggregate installed capacity of 227 MW.
The Company has raised Rs. 269.94 crores from 21 anchor investors. The company informed the bourses that it has allocated 88,21,764 equity shares at Rs. 306 per share on June 11, 2021 to the anchor investors. 12 Domestic Investors including 4 Mutual Funds, 2 Insurance companies, and 6 Alternate Investment Funds were allocated a total of 60,45,795 shares.
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards repayment or prepayment of up to Rs 470 crs of its debt and that of its subsidiary, Shyam SEL and Power Limited, and for other general corporate purposes.
