The initial public offer of Vaswani Industries (VIL) received bids for 1.17 crore shares by 16:00 IST on the second day of bidding for the issue today, 2 May 2011, compared with 1 crore shares on offer. The IPO was subscribed 1.18 times. The company has set a price band of Rs 45 to Rs 49 per share for its IPO of 1 crore shares.

The IPO constitutes 42.57% of the post issue paid-up equity capital of the company. The IPO closes on Tuesday, 3 May 2011.

Vaswani Industries is promoted by Ravi Vaswani, Pramod Vaswani and Yashwant Vaswani. The company belongs to Vaswani group which has interests in iron and steel since the past two decades.

The company is engaged in the integrated business of manufacturing sponge iron, steel billets and ingots and power generation. The manufacturing facilities are located at Sondra Village, around 14 kilometers (kms) from Raipur Railway Station.

The proceeds of the IPO would be utilized for pre-payment of term loan, long term working requirements, general corporate purposes and meeting the issue expenses.