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UIC Udyog Files Prospectus For Rs.108 Cr. IPO

Kolkata-based Steel wires and wire products manufacturer UIC Udyog Ltd. has filed draft red herring prospectus with the market regulator Securities Exchange Board of India or SEBI for a public issue of shares to raise Rs.108 crore.

The company proposes to set up facility for manufacturing of steel wires and wire products with an installed capacity of 1,80,000 MTPA, including Galvanizing capacity of 1,00,000 MTPA, at Bharuch in Gujarat involving a total investment of Rs.508 crore.

The company proposes to fund the project cost with a public issue of Rs.108 crore, internal accruals of Rs.45 crore and the balance through term loans from various financial institutions.

It has appointed BOB Capital Markets Ltd. and LSI Financial Services Pvt. Ltd. as the book running lead managers for the issue.

The company has its existing facilities for manufacture of steel wires with an installed capacity of 60,000 MTPA at Kalyani and an installed capacity of 25,000 MTPA is located at Khanyan, both are located in West Bengal. It also manufactures steel pins at Khanyan. Bengal. Apart from this, it has installed Wind Power Generation Turbines in Maharashtra and Tamil Nadu. The company also have manufacturing facility for woven sacks in Silvassa. It is now proposing to further enhance its capacity to manufacture wire and wires products by setting up the said manufacturing facilities at Bharuch, Gujarat.

The company clocked a net profit of Rs.1,722 crore on total income of Rs.38,471 crore for the fiscal year ending 2011.

The company's manufacturing facility at Kalyani is ISO 9001:2008 certified from SGS United Kingdom Ltd. for conforming to the Quality Management System Standards. The company is manufacturing various types of steel wires including pre-stressed concrete wires, earth wires, ACSR wires, cable armour wire, galvanized wires, barbed wires.

by RTT Staff Writer

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