Steel company Shree Precoated Steels Ltd is planning to sell 10-15 per cent stake to a private equity fund to raise about Rs 700 crore (market cap is Rs 2,317 crore, though), reports Mint. The company is believed to be in talks with funds like ICICI Venture.
SPSL’s promoters currently own 62 per cent opf the company, while foreign institutional investors own 12 per cent, Citigroup Global Markets Mauritius 1.18 per cent, Merrill Lynch Capital Markets Espana SA 1.9 per cent, and Passport Capital Llc. 4.9 per cent. The company has a market capitalisation of around Rs 2,317 crore on the Bombay Stock Exchange.
Steel companies like Bhushan Steel have raised capital from Baring Asia. (more…) Read Original story