*Mittal Corp Limited* plans to raise funds through IPO to raise up to Rs 100cr and has filed the DRHP with SEBI.
*IDBI Capital* has been appointed as the lead manager to the issue. Mittal Corp, incorporated in 1985 as Jewels Steel Ltd, is manufacturer of stainless steel billets, blooms and rolled flats. The company was founded by Kuldeep Bishnoi and acquired by Karan Mittal in 2002- who holds 70% stake in the company. The company plans to utilise the funds to part finance its wire rod project and for general corporate purpose. The cost of the project is estimated to be around Rs 121.51cr. The company will set up a 150,000 TPA Steel Wire Rod Mill in Pithampur near Indore. The project will help in producing wire rods of stainless steel, alloy steel and mild Steel. These products would be used for making fasteners welding electrodes, SS wire, SS gratings, furniture and in building construction material. * Financial Details of the company* As per the DRHP, the company had a networth of Rs 54.46 cr as on September 2009. It had an income of Rs 159.42cr and a net profit of Rs 6.27cr -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
