Avtar Steel files IPO papers with SEBI; aims to raise ₹585 crore
Along with the fresh issue, the IPO would comprise an offer for sale (OFS) of 50 lakh shares by promoter Sumit Jindal
Avtar Steel Ltd, a prominent manufacturer of stainless-steel long and wire products, has filed preliminary IPO papers with SEBI to raise ₹585 crore. The IPO will also include an offer for sale of 50 lakh shares by promoter Sumit Jindal. The funds raised will be used for capital expenditure, debt repayment, and general corporate purposes. The proceeds will primarily be utilized for setting up a Specialty Steel Melting Division to manufacture special steel, expanding stainless-steel wire production, and debt payment.
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