B.S. Sponge Files ₹1,000 Crore IPO With Debt Repayment Plan

B.S. Sponge is a company that makes different kinds of steel products.

It wants to sell shares to the public through an IPO.

The proposed IPO could raise ₹1,000 crore.

Of this amount, ₹800 crore would come from new shares issued by the company.

Another ₹200 crore would come from promoters selling some of their existing shares.

The company plans to use ₹650 crore of the new money to repay debt and interest.

Any remaining money from the new shares would support general company needs.

Its operations include sponge iron, billets, slabs, bars, coils, wire rods, pipes, tubes and ferro alloys.

The company also has a 67-MW captive power plant.