Shree Tirupati Balajee Agro, Vraj Iron & Steel file IPO papers

New Delhi: Shree Tirupati Balajee Agro Trading Company (STB), and Vraj Iron and Steel have filed their preliminary papers with Sebi to raise funds through initial share sales.

The Initial Public Offering (IPO) of STB comprises a fresh issuance of up to 1.30 crore equity shares and an Offer For Sale (OFS) of up to 36.45 lakh shares by its promoter Binod Kumar Agarwal, as per the Draft Red Herring Prospectus (DRHP). In the case of Vraj Iron and Steel, the IPO will be entirely fresh issue of equity shares worth up to Rs 171 crore. According to its DRHP, STB will use the net proceeds from the fresh issue towards debt repayment by the company and its subsidiaries -- Honourable Packaging Pvt Ltd, Shree Tirupati Balajee FIBC and Jagannath Plastics. A portion of the proceeds will also be used towards funding the incremental working capital requirements of the company and general corporate purposes. Madhya Pradesh-based STB is into manufacturing and supplying of Flexible Intermediate Bulk Container (FIBC) jumbo bags used for hazardous goods transportation, among others. PNB Investment Services Ltd and Unistone Capital Pvt Ltd are the book running lead managers for the IPO.