Uttam Galva Steels, a producer of galvanized and cold-rolled steel, raised $20 million via global depositary receipts (GDRs) to fund expansion plans. The issue was priced at about 92 cents (Rs 40) per GDR, which represents one local share.
The GDRs will trade on the Singapore Exchange Securities Trading. Uttam is spending Rs 700 crore this year on increasing production of galvanized steel to 8,00,000 tonne.
The company recently entered into a joint venture with Liberty Commodities, a UK-based trading company, to construct two new steel re-roller mills in Ghana with an investment of $60 million (around Rs 270 crore). The JV company will invest $20 million in a 70,000 tonne per annum hot-dip galvanising line and $40 million in a 2,00,000-2,50,000 tonne per annum cold rolling mill.
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