BS Sponge Ltd 1,000cr IPO will repay 650cr of debt
Business
BS Sponge Ltd is gearing up for a ₹1,000 crore IPO, with ₹800 crore coming in as fresh funds and ₹200 crore from promoters selling their shares.
Most of this new money, about ₹650 crore, will go toward paying off company debts, while the rest is set aside for general business needs.
BS Sponge makes sponge-iron, TMT, HR-coils
If you're wondering what BS Sponge actually does, it's a big player in India's steel scene.
The company turns iron ore into sponge iron and then into products like TMT bars and HR coils.
Their manufacturing facility even runs on their own 67-megawatt power plant.