Barak Valley Cements plans Rs 24cr IPO

Barak Valley Cements, a Rs 74.33 crore company, has announced it is entering the capital market with an initial public offer of 56,60,000 shares of Rs 10 each. Post-offer, the promoters' stake, currently at 68%, will stand diluted by 25%.

The company has fixed a price band from Rs 37 to Rs 42, and expects to raise Rs 23.7 crore through the IPO.The money will be spent on commissioning of a 6 MW captive power plant, along with expansion of the clinkerisation capacity, and also meet working capital requirement.

This will be the first market float by a company from the North East in 11  years.