Bombay Coated and Special Steels IPO to open on Oct 29; price band set at Rs 78-82

Bombay Coated and Special Steels IPO to open on Oct 29; price band set at Rs 78-82
NEW DELHI: (Oct 23) Bombay Coated and Special Steels Ltd on Friday said its Rs 183.1-crore initial public offering (IPO) will open for subscription on October 29, with a price band of Rs 78-82 per share.

The IPO, which is entirely a fresh issue of equity shares, will close on November 2, the company said in a statement.

Proceeds of the fresh issue worth Rs 125 crore have been earmarked for repayment or prepayment of certain borrowings, while Rs 15.7 crore will be used to finance the cost of acquiring capital equipment under existing lease arrangements with Siemens Financial Services. The remaining amount will be utilised for general corporate purposes