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Resurgere Mines to open public issue from Aug 11

Resurgere Mines & Minerals India Ltd will open its public issue of 44,50,000 equity shares from August 11 to August 13.

07 Aug 2008

Resurgere Mines & Minerals India Ltd will open its public issue of 44,50,000 equity shares from August 11 to August 13. The 100% book built issue falls in the price band of Rs. 263 to Rs. 272 per share of Rs. 10 each.

The issue comprises for employees a reservation of 250,000 shares and 4,200,000 shares for the public. The net issue would constitute 14.72 per cent of the post issue paid-up capital.

The book running lead manager (BRLM) of the issue is Motilal Oswal Investment Advisors and the Co-BRLMs are PL Capital Markets and Ashika Capital. The shares are proposed to be listed on both the exchanges.

Resurgere deals in extraction, processing and sale of mineral products and exploration and development of mining assets. Besides meeting working capital needs the issue proceeds would be used to part finance the purchase of plant and machinery valued at Rs 128.56 crore for setting up its own extraction and crushing facilities at the mines and purchase of six railway rakes worth Rs 116.36 crore to set up own logistics infrastructure facilities



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