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Adhunik Metaliks plans Rs 100-cr issue for expansion

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Mr Manoj Agarwal (left), Managing Director, Adhunik Metaliks Ltd, with Mr G. Agarwal, Director, at a press conference in Mumbai on Wednesday. - Paul Noronha

Mumbai , Oct. 5

ADHUNIK Metaliks Ltd plans to come out with a public issue of Rs 100 crore by end-December to part-finance its Rs 437.36-crore expansion programme involving the manufacture of high auto grade steels at its Rourkela facility.

This is in addition to the first phase expansion costing Rs 250 crore, which went on stream last month.

The remaining funds needed for the fresh round of expansion would be composed of Rs 53 crore from internal accruals and a term loan of Rs 284.29 crore, senior company officials said at a press briefing here on Wednesday.

According to a related official statement, Adhunik Metaliks currently produces high quality sponge iron, special grade high carbon and low carbon steel billets and different grades of alloy steel billets.

The company expects to post a gross sales turnover of Rs 446.68 crore during the current financial year, it said.

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