Ahlada Engineers IPO opens for subscription on Sep 11, 2018

Ahlada Engineers Ltd (AEL) is coming out with an Initial Public Offering (IPO) of fresh issue of up to 34,05,000 equity shares of face value of Rs. 10 each at a price band of Rs. 147-150 through 100% book building process. The IPO opens for subscription on Tuesday, September 11, 2018.

The company plans to raise around Rs.51 crore through its SME-IPO in which will be listed on the SME platform of NSE.

The issue closes for subscription on Tuesday, 18 September 2018.

The IPO proceeds will be utilized to fund working capital, to purchase machinery, to repay certain identified loans and for general corporate purposes.

The company has entered into an agreement with Tata Steel Ltd last year, whereby the company has assured off-take of the doors manufactured by AEL. Tata Steel sells these doors under the brand 'Tata Pravesh'.

Source : Equity Bulls

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