Interarch Building Products IPO From Aug.19

Mumbai: Interarch Building Products, a pre engineered steel construction solution provider for steel buildings used as industrial /manufacturing facilities announced Rs 600 crore initial public offering. The public issue in the price band of Rs 850 to Rs 900 per equity share of Rs 10 face value opens on August 19 and closes on August 21.

Interarch operates four manufacturing facilities at Pantnagat and Kichha In Uttarakhand and two units are located in Sriperumbudur in Tamil Nadu.

The IPO comprises of a fresh issue of equity shares worth Rs 200 crore and an offer for sale of over 4.44 million equity shares by promoters and investor selling shareholders.

The proceeds from the fresh issue of Rs 58.52 crore will be used for financing capital expenditure in setting up a project, Rs 19.24 crore towards upgrading Tamil Nadu I& II manufacturing facilities and Kichha, Uttarakhandt manufacturing facilities and Rs 55 crore towards meeting incremental working capital requirements.