Rajputana Stainless raises Rs 10 crore via anchor investor, IPO to open on March 9

Rajputana Stainless Raisers Rs 10 Crore from Anchor Investor

Rajputana Stainless, a leading manufacturer of long and flat stainless-steel products, has raised Rs 10 crore from a single anchor investor just a day before the commencement of its initial public offering (IPO) for public subscription.

Key Highlights:

• Anchor Investor: Shine Star Build Cap
• IPO Opening: March 9
• IPO Closing: March 11
• Price Band: Rs 116-122 per share
• Number of Shares: 8.19 lakh equity shares
• Allocation Price: Upper price band

Rajputana Stainless, based in Gujarat, plans to utilise the funds raised through the IPO for various purposes, including:

• Expansion of Manufacturing Facility: Rs 18.57 crore
• Repayment of Outstanding Borrowings: Rs 98 crore
• General Corporate Purposes: Remaining funds

The company intends to use a portion of the vacant industrial land within its premises to establish a stainless-steel seamless pipes manufacturing unit with a proposed installed capacity of 9,600 MTPA.