Shri Bajrang Power & Ispat to nearly halve debt from Rs 700 cr IPO
Mumbai: Raipur-based integrated steel manufacturer Shri Bajrang Power & Ispat plans to pay back around Rs 400 crore of its long-term debt from the proceeds of its forthcoming Rs 700-crore initial share sale. The company, among the top 10 in terms of installed capacity for iron ore pellets, iron ore beneficiation and sponge iron, has a little over Rs 840 crore of debt, of which nearly half is long-term debt which it plans to repay with the IPO money.
After the repayment, the fully family-owned company will be left with around Rs 500 crore of debt, Anand Goel, one of the promoters and the executive director of the company, told PTI.
