The total offer size of Equity Shares of face value ₹ 10 each aggregating up to ₹ [●] comprises of fresh issue aggregating up to ₹ 4,000 million [₹ 400 crore ] (“Fresh Issue”) and offer for sale of up to 10,437,047 Equity Shares.
The Anchor Investor Bidding Date shall be Thursday, January 18, 2024. The Bid/Offer will open on Friday, January 19, 2024 for subscription and close on Tuesday, January 23, 2024.
The Price Band of the Offer has been fixed at ₹ 218 to ₹ 230 per Equity Share. Bids can be made for a minimum of 65 Equity Shares and in multiples of 65 Equity Shares thereafter.
The Company proposes to utilize net proceeds from the fresh issue of Equity Shares to fund capital expenditure for the expansion / setting up of manufacturing facilities, repayment and/or prepayment, in part or in full, of certain outstanding loans of our Company and general corporate purpose (the “Objects of Issue”).
The offer for sale of up to 10,437,047 Equity Shares (“Offered Shares”) comprising up to 1,172,976 Equity Shares by Bajrang Bothra, up to 666,798 Equity Shares by Laxmi Pat Bothra, up to 748,721 Equity Shares by Sanjay Singhania, up to 748,721 Equity Shares by Ajay DD Singhania (collectively, the “Promoter Selling Shareholders”), up to 286,351 Equity Shares by Pinky Ajay Singhania, up to 286,351 Equity Shares by Preity Singhania, up to 442,905 Equity Shares by Nikhil Bothra, up to 442,905 Equity Shares by Nitin Bothra, up to 379,633 Equity Shares by Rajjat Kumar Bothra (collectively, the “Promoter Group Selling Shareholders”), up to 4,630,284 equity shares by India Advantage fund S4 I and up to 631,402 Equity Shares by Dynamic India fund S4 US I (collectively, the "Investor Selling Shareholders”, and together with the Promoter Selling Shareholders and the Promoter Group Selling Shareholders, the “Selling Shareholders”, and such offer for sale of Equity Shares by the Selling Shareholders, “the Offer for Sale”).
These equity Shares are being offered through the red herring prospectus of the Company dated January 12, 2024, filed with the Registrar of Companies, Uttar Pradesh at Kanpur (the “RHP”) and are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).
This Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contract (Regulation) Rules, 1957 (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Offer shall be available for allocation 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 (“Anchor Investor Portion”). One-third of the Anchor Investor Portion shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the price at which allocation will be made to Anchor Investors (“Anchor Investor Allocation Price”) by the SEBI ICDR Regulations. 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 to Mutual Funds only, subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to QIB Bidders (other than Anchor Investors) including Mutual Funds subject to valid Bids being received at or above the Offer Price.
Further, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders (out of which one-third of the portion available to Non-Institutional Bidders shall be reserved for Bidders with an application size of more than ₹ 0.20 million and up to ₹ 1.00 million and two-thirds shall be reserved for Bidders with an application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of the aforementioned sub-categories may be allocated to Bidders in the other sub-category).
Not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders by the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All Bidders, other than Anchor Investors, are required to participate in the Offer by mandatorily utilizing the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account and UPI ID in case of UPI Bidders, as applicable, under which their corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Banks 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 further details, see “Offer Procedure” on page 425.
Axis Capital Limited, DAM Capital Advisors Limited, and ICICI Securities Limited are the Book Running Lead Managers to the offer (“BRLMs”).
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