Century Metal Recycling has filed draft papers with Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).

The offer constitutes a fresh issue of equity shares aggregating up to Rs.150 crore and an offer for sale of up to 64,02,650 equity shares of the company, by the promoters including Gauri Shankar Agarwala, Mohan Agarwal.

As per the draft red herring prospectus (DRHP), the public issue will see sale of up to 2,550,386 equity shares by Global Scrap Processors, up to 527,484 shares by Sanjivani Non Ferrous Trading Private Limited and up to 573,520 by Grand Metal Recycling private Limited.

Further, the company plans to use the net proceeds from the issue towards the prepayment or repayment of all or a portion of certain borrowings taken by the company and general corporate purposes.

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