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Nelcast taps market

Corporate Reporter

CHENNAI: The Chennai-based Nelcast, engaged in manufacturing castings and components mainly for commercial vehicles and tractor industries, plans to mobilise Rs. 95.27 crore through the issue of equity shares of Rs. 10 each through the book building process. The price band of the issue has been fixed at Rs. 195-219 per share. The issue, which opened on Monday, closes on June 8.

Addressing presspersons here on Monday, P. R. K. Reddy, Promoter, Nelcast, said the proceeds would be utilised to finance the expansion and modernisation of its existing production facilities at Gudur in Andhra Pradesh and Ponneri in Tamil Nadu and to meet working capital requirements.

The capacity had increased to 1.02 lakh tonnes annually in 2006-07 and it would be increased to 1.50 lakh tonnes in 2008-09. He said the company's products were being exported to the U.S. and Europe.

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