Azad Engineering Limited’s initial public offering to open on Wednesday, December 20, 2023

 

Mumbai: “Azad Engineering Limited” (the “Company”) proposes to open its initial public offering of Equity Shares (“Offer”) on Wednesday, December 20, 2023. The Anchor Investor Bid/Offer Period is one Working Day before the Bid/Offer Opening Date, that is, Tuesday, December 19, 2023. The bid/ Offer Closing Date will be on Friday, December 22.

The Price Band of the Offer has been fixed from ₹ 499 per Equity Share to ₹ 524 per Equity Share. Bids can be made for a minimum of 28 Equity Shares and multiples of 28 Equity Shares thereafter.

The Offer consists of a fresh issue of up to such number of Equity Shares aggregating up to ₹ 2,400.00 million (the “Fresh Issue”) and an offer for sale of up to such number of Equity Shares aggregating up to ₹5,000.00 million, comprising of up to ₹2,049.65 million by Rakesh Chopdar, up to ₹2,608.51 million by Piramal Structured Credit Opportunities Fund and up to ₹ 341.84 million by DMI Finance Private Limited (collectively the, “Selling Shareholder”) (such equity shared offered by the selling shareholders, the “Offered Shares”).

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on both BSE Limited (“BSE") and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).

Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Anand Rathi Advisors Limited are the Book Running Lead Managers to the issue.

All capitalized terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.