rediff.com

Azad Engineering IPO: Rs 221 Cr Raised from Anchor Investors

Share on:

By Rediff Money Desk, NEWDELHI   Dec 19, 2023 21:28

Azad Engineering Ltd raised Rs 221 crore from anchor investors ahead of its IPO. The IPO, priced at Rs 499-524 per share, will open for subscription on December 20-22.
Azad Engineering IPO: Rs 221 Cr Raised from Anchor Investors
New Delhi, Dec 19 (PTI) Azad Engineering Ltd on Tuesday said it has collected Rs 221 crore from anchor investors a day before its Initial Public Offering (IPO).

The company has allotted 42.14 lakh equity shares to 20 funds at Rs 524 apiece, which is also at the upper end of the price band, according to a circular uploaded on the BSE website.

At this price, the company has mobilised Rs 220.8 crore, it showed.

The investors that participated in the anchor book include Abu Dhabi Investment Authority, Nomura, Max Life Insurance Company, HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, Nippon India Mutual Fund (MF), ICICI Prudential MF, Tata MF, Edelweiss MF, and Bandhan MF.

The Hyderabad-based firm's IPO comprises a fresh issue of up to Rs 240 crore and an Offer For Sale (OFS) of equity shares aggregating up to Rs 500 crore by a promoter and investors.

The OFS consists of sale of equity shares aggregating up to Rs 170 crore by promoter Rakesh Chopdar, Rs 280 crore by Piramal Structured Credit Opportunities Fund, and Rs 50 crore by DMI Finance.

The issue, with a price band of Rs 499-524 a share, would open for public subscription during December 20-22.

Proceeds from the fresh issue will be used for funding capital expenditure of the company, payment of debt, and general corporate purposes.

Azad Engineering supplies products to global original equipment manufacturers (OEMs) in the aerospace and defence, energy, and oil and gas industries.

The company's customers include General Electric, Honeywell International Inc., Mitsubishi Heavy Industries, Siemens Energy, Eaton Aerospace, and MAN Energy Solutions SE.

The equity shares of the company are proposed to be listed on the BSE and the NSE.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

TODAY'S MOST TRADED COMPANIES

  • Company Name
  • Price
  • Volume

More »

Moneywiz Live!