Bansal Wire Industries unveils ₹745-crore IPO
Bansal Wire Industries Ltd. has announced to open bids for its initial public issue (IPO) of equity shares on Wednesday (July 3) in the price band of ₹243 to ₹256 per share with a face value of ₹5 each.
Bids can be made for a minimum of 58 shares and in multiples of 58 shares thereafter. The total Issue size comprises fresh issue aggregating up to ₹745 crore. The IPO will close on Friday (July 5).
The company said it proposes to utilise the net proceeds from fresh issue towards repayment or prepayment of all or a portion of certain outstanding borrowings availed by it estimated at ₹452.6 crore, investment in its subsidiary for repayment or prepayment of all or a portion of certain of its outstanding borrowings estimated at ₹93.7 crore, funding the working capital requirements of estimated at ₹60 crore, and the balance for general corporate purposes.
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