The Anchor Investor Bidding Date shall be Friday, September 22, 2023. The Bid/Offer will open on Monday, September 25, 2023, for subscription and will close on Wednesday, September 27, 2023.
The Price Band of the Offer has been fixed at ₹ 280 to ₹ 300 per Equity Share. Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter.
The Company, as part of the Objects of the Offer, proposes to utilize the Net Proceeds raised through the Fresh Issue towards Repayment and /or prepayment of certain of its outstanding borrowings, amounting to ₹ 1,330.00 million. Further, the Company intends to utilize ₹ 800.00 million from the Net Proceeds towards pursuing unidentified inorganic initiatives, ₹ 1,150.00 million from the Net Proceeds towards funding its working capital requirements, and the balance amount from the Net Proceeds towards general corporate purposes.
The Offer for Sale comprises up to 4,000,000 Equity Shares by Tangi Facility Solutions Private Limited (The Promoter Selling Shareholder), up to 800,000 Equity Shares by India Business Excellence Fund-II and 3,200,000 Equity Shares by India Business Excellence Fund-IIA (“Other Selling Shareholders”).
The Equity Shares offered through the Red Herring Prospectus dated September 18, 2023, are proposed to be listed on BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). For the Offer, BSE is the Designated Stock Exchange.
This Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein not less than 75% of the Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion the “QIB Portion”), provided that our Company, in consultation with the Book Running Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis by the SEBI ICDR Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”).
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not more than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders (out of which (i) one-third shall be reserved for applicants with application size of more than ₹ 0.20 million and up to ₹ 1.00 million, and (ii) two-thirds shall be reserved for applicants with application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders), and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders by the SEBI ICDR Regulations, subject to valid bids being received at or above the Offer Price.
All Bidders, other than the Anchor Investors, are mandatorily required to participate in this Offer only through an Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in case of UPI Bidders (as defined on page 11 of the RHP), as applicable, under which their corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Ban(s) under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, please see the section entitled “Offer Procedure” on page 514 of the RHP.
IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited are the book-running lead managers (“BRLMs") to the Offer.
All capitalized terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.
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