Behari Lal Engineering fixes price band at Rs 271-285/share

New Delhi: Engineering castings and alloy steel products manufacturer Behari Lal Engineering on Friday fixed a price band of Rs 271-285 per share for its Rs 302-crore initial public offering (IPO), which will open for subscription on August 12.

The three-day public issue will conclude on August 14, while the anchor investor bidding is scheduled for August 11, the company said in a public announcement.

At the upper end of the price band, the IPO is valued at about Rs 302 crore. The offering comprises a fresh issue of equity shares worth up to Rs 93 crore and an Offer for Sale (OFS) of up to 73.20 lakh equity shares by existing shareholders.

Proceeds from the fresh issue will be utilised towards funding capital expenditure requirements, repayment or prepayment of certain borrowings, and general corporate purposes.