The initial public offers of Nelcast Ltd. and Meghmani Organics Ltd. will open today for subscription.
Nelcast has fixed the price band of its IPO between Rs 195-219 for shares of face value Rs 10 each while Meghmani has fixed its price band of its Re 1 each share between Rs 17-19.
Nelcast, a castings and component manufacturing company, plans to raise up to Rs 95.27 crore mainly to fund its capital expenditure.
Meghmani Organics, manufacturer of pigments and agrochemicals, plans to utilise the proceeds to finance a new high performance pigment plant at Vatva, Ahmedabad and a multi-purpose agro-chemicals plant at Panoli. The company would also use the proceeds to invest in subsidiary Meghmani Energy, finance a 3 MW captive power plant at Chharodi,inorganic growth/ diversification opportunities and working capital requirements.
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