Bangalore: Electrosteel Steels, a subsidiary of Electrosteel Group, has hit the capital market with a public issue of 225,516,188 equity shares. It has set a price band of 10-11 a share for its issue, which has opened on September 21. The IPO closes for subscription for QIB bidders on September 23 and on September 24, 2010 for others. The company is planning raise up to 2.5 billion rupees through the IPO, which will also have a green-shoe option of up to 33.8 million shares. Bids can be made for a minimum of 600 shares and in its multiples. The Maximum Subscription Amount for Retail Investor is 100000. The company, promoted by Electrosteel Castings, plans to use the issue proceeds to part finance construction of a 2.2-million-tonnes-a-year steel plant in the state of Jharkhand and marginally towards bank guarantees. Electrosteel Castings has reported a sales turnover of 368.86 crore and a net profit of 30.08 crore for the quarter ended Jun 2010. For the quarter ended Jun 2009 the sales turnover was 388.61 crore and net profit was 58.10 crore. The Rating Agency CARE has given IPO Grading of IPO Grade 3. Edelweiss Capital Limited, Enam Securities Private Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the IPO. SBICAP Securities and Edelweiss Securities are the Syndicate Members to the IPO. Karvy Computershare is the registrar to the company.