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Jai Balaji to float Rs 10-cr IPO

Our Bureau

Hyderabad , Oct. 15

THE Kolkata-based Jai Balaji Sponge Ltd is coming out with its maiden public issue of one-crore equity shares of Rs 10 each for cash at par.

The Rs 10-crore issue opens on October 21 and closes by the month-end. The amount payable on application is Rs 2.50 per share.

According to Mr Rakesh Sony, Executive Director (Investment Banking) of Microsec India Ltd, the lead manager of the issue, the proceeds of the public issue will be utilised to part-finance the installation of pollution control equipment and to augment the long-term working capital requirement of the company.

The installation of PCE will facilitate the setting up of a 12-MW waste heat recovery-based captive power plant that will reduce future power cost of the company substantially.

Mr Sony told newspersons here on Wednesday that the company has a 1.05-lakh tonne per annum capacity sponge iron producing unit in Ranigunj and 85,000-tonne capacity M S ingots producing unit in Durgapur in West Bengal.

The group, promoted by Messrs Sanjiv Jajodia, Rajiv Jajodia and Aditya Jajodia, has a combined turnover of Rs 125 crore per annum.

He said that the company's current net asset value per share was Rs 15 and cash earnings per share stood at Rs 4.

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