By
PTI
15 March, 2016

Bharat Wire Ropes, which will hit the capital markets on March 18, has fixed the price band at Rs 40-45 for its initial public offer (IPO).

The specialty wire ropes manufacturing company aims to raise Rs 70 crore through the issue.

The offer would include reservation of equity shares worth Rs 3.5 crore for subscription by eligible employees.

Proceeds of the issue would be utilised for setting up a manufacturing plant at Chalisgaon, Maharashtra and for other general corporate purposes.

"The issue opens on March 18 and closes on March 22 with a price band of Rs 40 to Rs 45 per equity share of face value of Rs 10 each," Bharat Wire Ropes said in a statement.

The issue is being managed by Intensive Fiscal Services and BOB Capital Markets. The equity shares of the company are proposed to be listed on the BSE and the NSE.

Since the beginning of 2016, three firms -- Quick Heal Technologies, TeamLease Services and Precision Camshafts -- have already hit the Dalal Street.

Besides, the public offer of Healthcare Global Enterprises Ltd (HCG) will hit the capital market tomorrow and that of Infibeam Incorporation will open on March 21.

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