Have raised Rs 50 cr via QIP against approval of Rs 175 cr; most funds to be used towards capex: Vardhman Special Steels

Vardhman Special Steels is in focus on the back of the company approving a proposal to raise Rs 175 crore via qualified institutional placement (QIP).

In an interview with CNBC-TV18, Sachit Jain, VC & MD at Vardhman Special Steels spoke about the latest happenings in his company and sector.

Talking about the QIP Jain said that they have raised Rs 50 crore till now and before September-October if the market is conducive enough, then maybe there could be follow through of the Rs 125 crore.

Most of the Rs 50 crore is going to go towards our capex, he added.