The initial public offer of Burnpur Cement Limited (BCL), one of the established cement manufacturers of Eastern India, has been subscribed 15.19 times.
The company has received applications worth Rs. 399.11 crores against the IPO of Rs. 26.28 crores. The Company had offered its shares of Rs 10 each for cash at a premium of Rs 2 per share.
As a part of its expansion plans, Burnpur Cement has proposed a backward integration by setting up an 800 TPD capacity Clinkerisation and Cement grinding unit expandable to 1,600 TPD at Patratu in the Hazaribagh District of Jharkhand for manufacturing Clinker, Ordinary Portland Cement (OPC), Portland Pozzolona Cement (PPC) and Portland Slag Cement (PSC). The Company had planned to raise Rs 26.28 crore through the IPO.
The issue was lead managed by SREI Capital Markets Limited and the Registrar to the issue is Niche Technologies Private Limited. The issue would be listed on BSE and NSE.