Vraj Iron and Steel Raises Over Rs 51 Crore from Anchor Investors Ahead of IPO

Vraj Iron and Steel has successfully raised over Rs 51 crore from anchor investors ahead of its initial public offering (IPO). The funds will be used for expansion projects and general corporate purposes, with shares available for public subscription from June 26-28 in the price range of Rs 195 to Rs 207 per share.

In a significant financial milestone, Vraj Iron and Steel announced on Tuesday that it has secured over Rs 51 crore from anchor investors, a day before its initial public offering (IPO) opens for public subscription.

The allocated shares were distributed among six key anchor investors, including Volrado Venture Partners Fund IV and Capri Global Housing Finance. The company has allotted 24,78,259 equity shares at Rs 207 apiece, aggregating to Rs 51.30 crore.

The Rs 171-crore IPO, entirely consisting of a fresh issue of equity shares without any offer-for-sale component, will open for public subscription from June 26 to 28. The proceeds will support expansion projects at the Bilaspur facility as well as general corporate purposes.

Raipur-based Vraj Iron and Steel, which manufactures sponge iron, MS billets, and TMT bars, operates two plants in Chhattisgarh. Post-expansion, the company aims to significantly boost its production capacity and power plant output.

Aryaman Financial Services is serving as the sole book-running lead manager, while Bigshare Services is the IPO registrar. The equity shares will be listed on the NSE and BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)