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

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Somani Iron and Steels

EPW Research Foundation Somani Iron and Steels SOMANI IRON AND STEEL, which is engaged in the manufacture of steel ingots, steel castings, forging steel and utensil grade steel, is entering the capital market with a public-cum-rights issue on September 5. The issue is to part finance the company's plans for augmenting its manufacturing facilities for producing various grades of steel like low carbon, high carbon, low alloy, high alloy, stainless steel, etc, from the present 50,000 mt to 3,00,000 mt per annum through modernisation and expansion. It is also installing a 60 tonne UHP electric arc furnace with eccentric bottom tapping and water cooled shell, along with other arrangements which will be supplied by GEC Alsthom (India) and will have a matching size ladle refining furnace and 50 mvs furnace transformer to enable fast melting. Further, the company plans to put ap VD/VOD, a continuous casting plant and a 400 cubic metre capacity PSA plant n order to reduce power consumption. Commercial production of the company's lew products, namely, billets of mild steel, carbon, construction steel, high/medium and low carbon, wire rod steel, spring steel, Industrial quality stainless steel and other grades of steel and stainless steel is expected to commence in November this year. The company's issue which will consist of 25,00,000 equity shares of Rs 10 each at a premium of Rs 20 per share on rights basis in the ratio of five shares for every one held and 36,50,000 equity shares at the same premium for the Indian public will be lead managed by HMG Financial Services Company.

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