Loha Ispaat fixes price band at Rs 77-80 per share

Maharashtra-based Loha Ispaat has fixed the price band in the range between Rs 77 and Rs 80 for its initial public offer (IPO) opening on March 11.

"The company proposes to enter the capital markets with a public issue of 26,705,476 equity shares of Rs 10 each through 100% book building process. The Price Band has been fixed at Rs 77 to Rs 80 per equity share," Loha Ispaat said in a release.

The issue, which will constitute 26.44% of the post issue paid-up equity share capital of the company, has been graded by CARE as "CARE IPO Grade 3", indicating average fundamentals.

The issue would remain open subscription till March 20. The company proposes to utilise the proceeds of the issue to meet its working capital requirement, the statement said.

Loha Ispaat, which is into steel processing and services, operates from its two units in western Maharashtra.

Aryaman Finanacial Services is the sole book running lead manager for the issue. Bigshare Services would act as the registrar to the issue.