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Vaswani Industries IPO of 1 Crore shares opens for subscription

By SiliconIndia   |   Friday, April 29, 2011
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Bangalore: The initial public offer of Sponge iron manufacturer Vaswani Industries opened for subscription today. The company has set a price band of Rs. 45 to Rs. 49 per share for its IPO of 1 crore shares. The issue constitutes 42.57 percent of the company's post-issue paid-up capital, and will close on May 3. The issue proceeds would be utilized for pre-payment of term loan, long term working requirements, general corporate purposes and meeting the issue expenses. Promoted by Ravi Vaswani, Pramod Vaswani and Yashwant Vaswani, Vaswani Industries is engaged in integrated business of manufacturing sponge iron, steel billets & ingots and power generation. Ashika Capital Limited is the book running lead manager to the issue.
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