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Austral Coke opens public issue

Austral Coke & Projects Ltd opens its public issue of 72,60,000 equity shares (excluding green shoe option of 10,89,000 shares) from today till Aug 13.

07 Aug 2008

Austral Coke & Projects Ltd opens its public issue of 72,60,000 equity shares (excluding green shoe option of 10,89,000 shares) from today till Aug 13.

The price band has been fixed at Rs. 164 to Rs 196 per share of Rs 10 each. Allbank Finance is the lead manager. The company has been assigned IPO Grade 2 by CARE.

Austral Coke is largely in the business of manufacturing low ash metallurgical coke and it also in equipment rental, refractory and textile trading.

The company proposes to utilize the issue proceeds to finance its expansion in a new project at Sindhudurg in Maharashtra. It is planning a 150,000 tonne per annum LAM coke unit and an 8 mw captive power plant through waste heat recovery. The company also plans to use the proceeds for acquiring coal mines either in Indian or abroad and retire high cost debt.

The pre-IPO placement of 27,40,000 shares to Somerset India Fund at Rs 196 per share amounted to Rs. 53.70 crore.



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