SEIL gets board nod to raise Rs 600 crores

Hyderabad: Iron and steel manufacturing company, Steel Exchange India Ltd (SEIL) said its board has approved fund raising up to an aggregate amount of Rs600 crores through issuance of convertible equity shares, convertible debentures or warrants, unsecured, secured non-convertible debentures or a combination, etc.

The offer may be by way of rights issue or FPO (further public offering) or private placement or qualified institutions placement (QIP) or through any other mode.

The board had further approved the proposal for split of equity shares of the company from face value of Rs10 each into equity shares of face value of Rs 1 each which will be traded from12th July 2022.

The company aims to grow as a quality steel product hub, increasing the customer base and clientele organizations. Company's marquee clients include Indian Railways, ShapoorjiPallonji, Concor, Novotel, BHEL, NCC,etc.

Earlier last year, company's board had approved evaluation of various options for restructuring with respect to business verticals of the company and better utilization of organic and inorganic assets of the company.