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Chhattisgarh-based Vraj Iron and Steel and Allied Blenders has received capital markets regulator Sebi's go-ahead to raise funds through respective IPOs. View More

Chhattisgarh-based Vraj Iron and Steel and Allied Blenders has received capital markets regulator Sebi's go-ahead to raise funds through respective IPOs. The proposed IPO of Vraj Iron comprises only a fresh equity issue of up to Rs 171 crore. The company had filed its draft papers in January this year. As per the draft prospectus, Vraj Iron and Steel will use the IPO proceeds for funding capital expenditure towards the expansion project at Bilaspur Plant and general corporate purposes. Vraj Iron and Steel is engaged in manufacturing of Sponge Iron, M S Billets, and TMT bars under the brand Vraj. The company currently operates through two manufacturing plants which are located at Raipur and Bilaspur in Chhattisgarh spread across 52.93 acres. As of March 2023, the aggregate installed capacity of its manufacturing plants was 2.31 lakh tons per annum. Its product offerings such as Sponge Iron, TMT Bar, MS Billets and by-products Dolochar, Pellet and Pig Iron cater to a mix of customers that consist of industrial customers and end-users. Also Read: Jamnagar's SME IPO gets highest listing premium of 387% in 2024, 15th multibagger debut of the year Aryaman Financial Services is the book running lead manager to the issue. The equity shares of the company are proposed to be listed on the BSE and NSE . Meanwhile, Allied Blenders IPO shares are offered at a face value of Rs 2 and it is a mix of fresh issue of up to Rs 1000 crore and an offer for sale of up to Rs 500 crore. Mumbai-based Allied Blenders and Distillers was initially into Officer’s Choice Whisky in the mass premium segment, with a market share of 11.8% in FY23 in the Indian whisky market, highlighting their strong position as a leading exporter of IMFL. The proceeds from its fresh issuance will be utilised for prepayment or scheduled re-payment of a portion of certain outstanding borrowings and balance for general corporate purposes. Over the years, the company has expanded and introduced products across various categories and segments. Allied Blenders and Distillers have successfully leveraged their strength in the popular segment to launch successful brands in both prestige and premium segments. The company has shifted its focus from mass premium whisky segment to premiumization, with the launch of brands like ICONiQ White Whisky, Srishti Whisky, and X&O Barrel Whisky. (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

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