VISA Steel applies for IPO
Indian VISA Steel Limited applied to Securities and Exchange Board of India (SEBI) in order to issue 35 million shares as initial public offering. The company will use the obtained capital in order to fund a part of its expansion works in Orissa to upgrade its existing facilities into an integrated 500'000 metric tons per annum capacity special and stainless steel plant. The company expects to obtain Rupee 350 million ($7.78 million) from the offering.