Shyam Metalics & Energy has finally received the green signal from the market regulator the Securities and Exchange Board of India to float an IPO worth INR 909 crore. This company had submitted the draft papers in August and obtained the “observations” on 7th December, as per the recent news with the SEBI.

FYI, the market regulator’s observations are essential for a company to float public issues like Initial Public offer and other rights issue. “This IPO comprises a fresh issue of shares around INR 909 Cr,” as per the draft papers.

The proceeds will be utilized for payment of debt and other general corporate purposes. Edelweiss Financial Services, ICICI Securities, JM Financial and IIFL Holdings are the lead managers to the issue.

About Shyam Metalics & Energy:

Shyam Metalics is a Kolkata-based leading integrated metal producing company and one of the largest manufacturers of ferro alloys and long steel products in India. It has 3 manufacturing units, two in West Bengal and one in Odisha with an aggregate installed capacity of around 2.90 MTPA (Metric Tonne per Annum).