Kalana Ispat will hold a meeting of the Board of Directors of the Company on 14 November 2024Powered by Capital Market - Live

The scrip was listed at Rs 45.15, a discount of 31.59% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price. The counter hit a high of Rs 47.40 and a low of Rs 43. About 4.82 lakh shares of the company changed hands at the counter. Kalana Ispat's IPO was subscribed 54.77 times. The issue opened for bidding on 9 September 2024 and it closed on 23 September 2024. The price of the IPO was set at Rs 66 per share. The IPO comprised fresh issue of 49,38,000 equity shares. The promoter and promoter group shareholding diluted to 62.12% from 100% pre-issue. The company intends to use the net proceeds from its recent fundraising to expand its operations. This includes installing a 4 MW DC & 3.5 MW AC ground mounted solar power plant with a TPSAT structure, setting up a rolling mill in Mouje Kala village (Ahmedabad), and funding general corporate purposes. Kalana Ispat is a manufacturer of M.S. and Alloy Steel Billets. Operating in both product sales and service sales, the company offers a range of billets, including in-house manufactured and traded options. Kalana Ispat also provides custom casting services for external clients. With a team of 15 employees, the company is committed to delivering high-quality products and services. The company recorded revenue from operations of Rs 73.72 crore and net profit of Rs 2.36 crore for the period as of 31 March 2024. Powered by Capital Market - Live