Uttam Galva sets floor price for QIP at Rs 76.48 per share

Uttam Galva Steels today said it has set a floor price of Rs 76.48 per share for raising funds up to Rs 175 crore through qualified institutional placement (QIP) route.

"The SEBI floor price in respect of the aforesaid QIP, based on the pricing formula ... Is Rs 76.48 per equity share and, the 'Relevant Date' for this purpose ... March 25, 2013," the company said.

The company at its extraordinary general meeting held on March 23 has decided to raise funds up to Rs 175 crore through issue of securities.

Uttam Galva Steels, which has 10 lakh tonne (LT) cold rolling capacity at its Khopoli plant in Maharashtra, plans to use the fund for financing several "identified" opportunities for growth.

It also has 7.5 LT galvanised steel making capacity. More than half of its revenue, Rs 5,171 crore last fiscal, comes from overseas.

The fund could also be used for meeting other general corporate business purposes allied to the business from time to time.

The company's shares settled at Rs 80.20, up 2.69% over the previous closing in the BSE.