The Business Bytes
TBB BUREAU
KOLKATA, JUNE 6, 2021
Steel maker Shyam Metalics and Energy Ltd (SMEL) has reduced the size of its Initial Public Offer (IPO) to Rs 909crore from Rs 1,107 crore as promoters decided to offload shares worth Rs 252 crore from their own stake against Rs 452 crore as planned earlier.
The IPO will hit the capital market on June 14.
“The Offer for Sale (OFS) portion had been reduced by Rs 200 crore. Earlier existing promoters had planned to offload their holding worth Rs 452 crore during this offer. The fresh issue size remains the same at Rs 657 crore,” said Shyam Metalics Vice Chairman and Managing Director Brij Bhusan Agarwal.
Shyam Metalics, including its backward integration, has a total metal capacity of 5.71 million tonne and 227 MW of captive power. The capacity will be ramped up to 11.57 million tonne by 2025 as brownfield projects in two plants of Jamuria in West Bengal and Sambalpur in Odisha. The expansion cost will be from internal accrual, informed Agarwal.
