Bedi Steels and Modern Diagnostic have filed draft papers with BSE SME to raise funds through an initial public offering (IPO). The IPO of Ludhiana-based Bedi Steels -- a manufacturer and supplier of high-quality steel and alloy ingots -- is entirely a fresh issue of up to 18.24 lakh equity shares, with a face value of Rs 10 each, according to the draft red herring prospectus (DRHP).
Proceeds from the Rs 33.31-crore issue will be utilised by the company to meet its working capital requirements, and the rest for general corporate purposes.
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