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Vikash Metal to raise Rs.25 crore from IPO
New Delhi: Vikash Metal & Power (VMPL) is going in for a Rs134-crore expansion plan to set up an integrated steel project for manufacturing long-steel products used in the construction and infrastructure sectors.

The company will tap the capital market with its maiden public issue next Monday.

The issue is aimed at raising Rs25 crore to part-fund its expansion.

The net offer to the public is 1.25 crore equity shares with a face value of Rs10 each at a premium of Rs10 per share, aggregating Rs25 crore. The promoters would contribute Rs34 crore, the remaining would come by way of term loans.

The company will be setting up a plant in Purulia in West Bengal.

It also plans to put up a 10 MW power plant that would make use of waste heat generated in the steel-making process.

The complex will include a billet casting plant, a steel rolling mill, and a ferro manganese plant.
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