Vidya Wires Ltd. has announced to enter the capital market with it’s ₹300 crore Initial Public Offer (IPO) in the price band of ₹48 to ₹52 per share with a face value of ₹1 each.
The IPO will open on December 3 and close on December 5. Bids can be made for a minimum of 288 shares and in multiples of 288 shares thereafter.
The IPO comprises of a fresh issue of up to ₹ 274 crore and an offer for sale of up to 5,001,000 shares which is estimated at about ₹26 crore.
The company proposes to utilise the net proceeds from the fresh issue towards funding capital expenditure requirements for setting up new project in subsidiary viz.ALCU amounting to ₹140 crore, repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by it estimated amounting to ₹100 crore and general corporate purposes.