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Godawari Power fixes IPO price at Rs 70-81

Our Bureau

Mumbai , March 21

Godawari Power and Ispat Ltd, formerly, Ispat Godawari Ltd, is entering the capital market with a public issue of 86,95,000 equity shares of Rs10 each through 100 per cent book building process.

The subscription opens on March 28 and closes on April 4. The price band has been fixed between Rs 70 and Rs 81.

The company hopes to raise about Rs 25 crore from the IPO, which will partly meet the cost of its Rs 173-crore expansion plan.

According to Mr Dinesh Gandhi, Director, Finance, the company has tied with a consortium of banks led by Bank of Baroda to raise Rs 113 crore by way of debt.

The company, engaged in the production of sponge iron, steel billets as also captive power generation, is currently in the process of setting up a new manufacturing plant near their existing one at Raipur in Chhattisgarh.

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