ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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In The Capital Market

POWMEX STEELS promoted by G B K Rao and G Hari Babu and associates in the assisted sector with Industrial Pro-motion and Investment Corporation of Orissa is offering 126.30 lakh equity shares of Rs 10 each for cash at par to raise a part of the finance for its Rs 69.69 crore major import substitution project for the manufacture of high speed steel (HSS) of international standards. Out of this issue, 36 lakh shares have been reserved for preferential allotment to the employees of the company (11 lakh), SBI Mutual Fund (10 lakh), Canbank Mutual Fund (10 lakh) and UTI (5 lakh) and the remaining 90.30 lakh shares are offered for public subscription at Rs 5 per share on application and balance on allotment. The entire amount will be payable on application by mutual funds and employees. The subscription list for the fully underwritten public issue will open on October 8 and close on October 19 or earlier but not before October 11, 1990.

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