Shri Bajrang Power and Ispat Ltd have filed preliminary papers with capital markets regulator Sebi to raise Rs 700 crore through an initial share sale. The initial public offer (IPO) consists of equity shares aggregating up to Rs 700 crore, according to the draft red herring prospectus (DRHP).

Proceeds from the issue would be utilized towards repayment or pre-payment of certain borrowings of the company, funding incremental working capital requirements, and for general corporate purposes. Shri Bajrang Power and Ispat Ltd (SBPIL) is one of the leading integrated steel companies based out of central India and a key player in the country in terms of capacity for iron ore pellets, iron ore beneficiation, and sponge iron.

SBPIL utilizes its captive iron mine (with approval to mine 1.2 MTPA) and manganese ore mines to manufacture intermediate and long steel products, such as TMT Bars, ERW pipes manufactured through tubular section mill, wire rods, HB wires, including binding wires, ferroalloys, steel billets, iron pellets and sponge iron.