Azad Engineering Limited proposes to open its initial public offering of Equity Shares on Wednesday, December 20, 2023. The Anchor Investor Bid/Offer Period is on Tuesday, December 19, 2023. Bid/ Offer Closing Date will be on Friday, December 22. The Price Band has been fixed from Rs 499 per Equity Share to Rs 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 Rs 2,400 million and an offer for sale of up to such number of Equity Shares aggregating up to Rs 5,000 million, comprising of up to Rs 2,049.65 million by Rakesh Chopdar, up to Rs 2,608.51 million by Piramal Structured Credit Opportunities Fund and up to Rs 341.84 million by DMI Finance Private Limited. The company proposes to utilize the Net Proceeds from the offer towards funding capital expenditure of the company, repayment/pre-payment, in full or part, of certain borrowings. The Equity Shares are proposed to be listed on both BSE and the NSE.
