Shri Bajrang Power and Ispat gets Sebi's go-ahead to float Rs 700-cr IPO

Leading integrated steel company Shri Bajrang Power and Ispat Ltd has received capital markets regulator Sebi's go-ahead to raise Rs 700 crore through an initial share sale. The initial public offer (IPO) consists of the issue of equity shares aggregating up to Rs 700 crore, according to the draft red herring prospectus (DRHP). Shri Bajrang Power and Ispat Ltd (SBPIL), which filed its draft papers with Sebi in July, obtained its observations on August 26, an update with the regulator showed on Monday. In Sebi parlance, the issuance of observations implies its go-ahead for the IPO. Going by the draft papers, proceeds from the issue would be utilised towards repayment or prepayment, of certain borrowings of the company, funding incremental working capital requirements, and for general corporate purposes. SBPIL is one of the leading integrated steel companies based out of central India and a key player in the country in terms of capacity for iron ore pellets, iron ore beneficiation,

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