Date:27/12/2012,
IPO,
Domestic Company, Closed Deal,
Loha Ispaat Ltd founded in 1985 by Rajesh Poddar, planning to raise funds through IPO and has filed DRHP for the same. The company is offering around 30,214,320 equity shares of face value R10 each, diluting 29.94% stake in the company.
The proceeds will be used to fund working capital requirements (post expansion at Khopoli and Taloja Plants) and for general corporate purposes.
Loha is also considering a pre-IPO placement of up to 49 lakh equity shares, according to draft prospectus of the company.
Aryaman Financial Services Ltd is the book running lead manager for the issue.
Promoter Rajesh Poddar's stake will be reduced to 49.09% from 70.07% post issue while promoter group and relatives' stake to 20.97% from 29.93% stake.
Loha Group has marketing & distribution network across India, UAE, Hongkong supplying to diversified industries such as Automobile , Infrastructure , Fabrication , Heavy & General Engineering, Pipes & Tubes , Constructions , Power, Electrical & Transformer ,Panels , pre-building Engineering ,Heavy & Transport Vehicles Manufacturing etc.
Currently, the company operates from two locations in Western Maharashtra, i.e. at Khopoli and Taloja. The Khopoli Unit provides various lines for Slitting and CTL facilities with an installed capacity of 900,000 MTPA, which would be increased to around to 2,181,900 MTPA post the current expansion project.
The company has two subsidiaries Loha Ispaat Hong Kong Limited, Loha Ispaat Middle East FZ Company.
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