The share issue committee of the board of directors of Talbros Automotive, which met on March 11, 2005, has approved the draft red herring prospectus for filing with Sebi for raising Rs 50 crore.The funds will be raised by issuing shares through the book-building process at a price to be determined by the lead manager to the issue in due course, according to a release issued by the company to the BSE today."The members also approved setting up a forging unit at Bawal, Haryana at a cost of approximately Rs 32 crore. The proposed forging unit shall meet around 65% of the requirements of forged auto components of the company's group company - Q H Talbros - for its captive consumption. The balance 35% will be sold to foreign buyers with whom negotiation are in the process of finalisation," the release added.
