Price band fixed at Rs 40-45 per share
The initial public offer (IPO) of Bharat Wire Ropes will open on 18 March 2016 and conclude on 22 March 2016. The company, a speciality wire ropes manufacturing company, aims to raise Rs 70 crore through its IPO. The offer would also include reservation of equity shares worth Rs 3.5 crore for subscription by eligible employees.
The Mumbai-based firm has priced the offer in the band of Rs 40-45 per share. Proceeds of the issue would be utilised for setting up a manufacturing plant at Chalisgaon, Maharashtra and for other general corporate purposes.
Established in 1986 in Mumbai as a speciality wire ropes manufacturing company, Bharat Wire Ropes makes strands, wire ropes and slings for use in a varied list of application/industries such as general engineering, fishing, elevators, cranes, material handling, onshore / offshore oil exploration, ports and shipping and mining.
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