BS Sponge files draft papers to raise ₹1,000 crore through IPO
BS Sponge Ltd, a steel and steel products manufacturer, has filed draft papers with the capital markets regulator SEBI to raise ₹1,000 crore through an Initial Public Offering (IPO). The IPO comprises a fresh issue of equity shares worth up to ₹800 crore and an Offer For Sale (OFS) of shares worth up to ₹200 crore by promoters, as per the Draft Red Herring Prospectus (DRHP) filed on Wednesday.
The company aims to utilize ₹650 crore from the net proceeds of the fresh issue towards repayment or pre-payment of certain outstanding borrowings and accrued interest, with the remaining funds earmarked for general corporate purposes.
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