Receives bids for 90.67 crore shares
The initial public offer (IPO) of Salasar Techno Engineering received bids for 90.67 crore shares, NSE data showed. The IPO was subscribed 273.05 times. The IPO opened for bidding on 12 July 2017 and closed yesterday, 17 July 2017.
The IPO comprised fresh issue of 33.21 lakh shares aggregating Rs 35.87 crore. The IPO price was fixed at Rs 108 per share. The net issue constituted 25.01% of the post issue paid up equity share capital of the company.
The company intends to utilize the proceeds from the issue towards the working capital requirement including margin money and general corporate purpose.
On a consolidated basis, Salasar Techno Engineering reported profit after tax of Rs 18.37 crore on net sales of Rs 372.96 crore in the year ended March 2017.
Salasar Techno Engineering is a leading provider of steel solutions in India with global operations spread throughout Asia and Africa.
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