Saturday, July 13, 2024

Steel Exchange India Ltd to raise Rs 600 crore Shares with face value of Rs 10 divided into Rs 1 face value

Steel Exchange India Ltd., an established leader in the field of iron and steel manufacturing and AP’s largest private integrated steel plant, has approved fund raising through issuance of equity shares or securities convertible into equity shares, convertible debentures or warrants, unsecured, secured non-convertible debentures or a combination, etc. up to an aggregate amount of Rs.600 crores by way of Rights Issue or FPO (Further Public Offering) or private placement or qualified institutions placement (QIP) or through any other mode. The Board had approved the proposal for Sub division/ Split of Equity Shares of the Company from face value of Rs.10 each into
Equity Shares of face value of Re. 1 each which will be traded from12th July 2022.

Steel Exchange India Limited (SEIL) is the flagship company of the Vizag Profiles Group. Established in 1999, SEIL is a leading manufacturer of TMT Rebars under the brand ‘SIMHADRI TMT’.

The company has the largest private integrated steel plant in the two Telugu States, Andhra Pradesh & Telangana.

The company aims to grow as a quality steel product hub, increasing the customer base and clientele organizations. Company’s marquee clients include Indian Railways, Shapoorji Pallonji, Concor, Novotel, BHEL, NCC,etc.

Earlier last year, company’s board had approved evaluation of various options for restructuring with respect to business verticals of the company and better utilization of organic & inorganic assets of the company.

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