The Phoenix Mills Ltd. (PDF)
Trending Sector
Top Losers
Current IPOs
Closed IPOs
Listed IPOs
IPO Performers
CAGR Calculator
SIP Calculator
Retirement Planning Calculator
Adani Ports and SEZ
Arkade Developers Ltd IPO
Status: Closed
Overview
IPO date
16 Sept 2024 to 19 Sept 2024
Face value
₹ 10 per share
Price
₹ 121 to ₹128 per share
Issue Size
32,031,250 shares
(aggregating up to ₹ 410 Cr)
(aggregating up to ₹ 410 Cr)
Allotment Date
20 Sept 2024
Listing at
NSE
Issue type
Book Building
Sector
Construction
Objectives of Arkade Developers Ltd IPO
Initial public offer of 32,037,601 equity shares of face value of Rs. 10 each (equity shares) of Arkade Developers Limited (company) for cash at a price of Rs. 128 per equity share (including a share premium of Rs. 118 per equity share) (issue price) aggregating up to Rs. 410.00 crores (issue) the issue shall constitute 17.26% of the post-issue paid-up equity share capital of the company.
The company has, in consultation with the BRLM, undertaken a pre-ipo placement of 1,626,016 equity shares at an issue price of Rs. 123 per equity share (including a premium of Rs. 113 per equity share) aggregating
Rs. 20.00 crores (pre-ipo placement). The size of the fresh issue of
Rs. 430.00 crores has been reduced by Rs. 20.00 crores pursuant to the pre-ipo placement and the revised size of the fresh issue is up to
Rs. 410.00 crores.
The issue includes a reservation of 162,601 equity shares aggregating
Rs. 2.00 crores (constitutes 0.09% of the post-issue equity share capital), for subscription by eligible employees (employee reservation portion). the company, in consultation with the BRLM, offer a discount of 3.91% of the issue price (equivalent of Rs. 5.00 per equity share) to the eligible employees bidding in the employee reservation portion (employee discount), subject to necessary approvals as may be required. The issue less the employee reservation portion is hereinafter referred to as the net issue. The issue and the net issue constitutes 17.26% and 17.17% of the post-issue paid-up equity share capital, respectively.
The Offer Price is Rs. 128 per equity share of face value of Rs. 10 each.
The offer Price is 12.80 times of the face value of the equity shares.
Bid cane be made for a minimum of 110 equity shares and in multiples of 110 equity shares thereafter.
A discount of Rs. 5 per equity share is being offered to eligible employees bidding in the employee reservation portion.
Arkade Developers Ltd IPO Strategy
- Continue to expand in the eastern region of MMR, Maharashtra.
- Moving up the value chain to premium / luxury residential premises.
- Continue to focus on its blended business model.
About Arkade Developers Ltd
Arkade Developers Limited was originally incorporated as Arkade Developers Private Limited', at Mumbai as a Private Limited Company vide Certificate of Incorporation on May 13, 1986. Thereafter, Company was converted into a Public Limited Company, and the name of Company was changed to its present name pursuant to a Fresh Certificate of Incorporation issued by the RoC on July 7, 2023.
The Promoter gradually acquired control over Company through the acquisition of aggregate 31.10% of the Paid-Up Share Capital on October 20, 2001. Subsequently, on November 30, 2010, he increased his stake to 99.30% of the Paid-Up Share Capital of Company by acquiring 970,000 Equity Shares.
Arkade Developers are a fast growing real estate development Company with a significant presence in Mumbai, Maharashtra. As on July 31, 2023, the Company has developed 1.80 million square feet of residential property. They are engaged in the development of new projects and redevelopment of existing premises, and between 2017 and Q1 2023, they have launched 1,040 residential units and sold 792 residential units in different markets in the MMR, Maharashtra.
The Company established a track record with the completion of 9 projects in the western suburbs of Mumbai and 1 project in South-Central Mumbai, through a partnership firm in which it hold the majority stake with a combined constructed area of 6,48,000 square feet. It completed 27 projects aggregating more than 4 million square feet of development.
In 2005, Arkade launched Project Casa Bella in Borivali West; it commenced Redevelopment of Vineet Co-operative Housing Society in Kandivali West in 2007; commenced Redevelopment of Om Khushal Co-operative Housing Society in Vile Parle East in 2008; completed first Project Arkade Fortuna in South Mumbai in 2013.
Thereafter, the Company got into development for Project Arkade Earth in Kanjurmarg and completed Arkade Art Project in Mira Road
during the year 2018. It completed Arkade Rise Project in South Mumbai in 2020; developed Arkade Earth Project in Kanjurmarg; started Vivek Co-operative Housing Society redevelopment in Santacruz West and Project Arkade Darshan developed in Vile Parle East in 2022 and finally Arkade Serene Project completed in 2023.
The Company is proposing Initial Public Offer by raising capital aggregating Rs 430 Crores Equity Shares through Fresh Issue.
Unlock Stock of the Month
T&C*
Strengths vs Risks of Arkade Developers Ltd
Know the pros & cons
Strengths
Strategic location of projects in micro markets of MMR, Maharashtra with entry barriers.- The Company is a leading player in select micro markets of, and an established developer in, the MMR, Maharashtra.
- Experienced Promoter and strong and technically proficient management team.
- Strong in-house resources.
- Timely completion of projects.
Risks
- The company may not be able to successfully identify redevelopment projects or identify and acquire suitable land for its proposed new projects which may have an adverse impact on the business and the growth of the Company.
- Inability to complete the company projects by their expected completion dates or at all could have an adverse effect its business, results of operations and financial conditions.
- The company is subject to penalty clauses under the agreements entered into with its customers for any delay in the completion of the company projects.
- The company does not enter into long term agreements for supply of labour and key materials for construction of its projects. Any significant increase in the prices, or shortage of, or delay or disruption in supply of labour or key materials for the company construction may result in time or cost overruns and may impact of the business prospects.
- The company relies on third party contractors whom its do not control to construct of the projects. Any delay or failure on the part of such contractors to adhere to their obligations could adversely affect the company financial condition and its business.
- The company propose to deploy a part of the Net Proceeds towards acquisition of unidentified land and general corporate purposes. Its cannot assure you that the land that the company acquires will be viable or that the project developed on such land will be profitable. Further, if the company is unable to identify and, or, acquires suitable land required to develop new projects the company it could have an adverse impact on its financial condition, business and growth prospects.
- The company revenue from operation is significantly dependent on its ability to sell the company units in a timely manner. If its are not able to sell of the project inventories in a timely manner, then it may adversely affect the company business, results of operations and financial condition.
- The company operates in a competitive industry. Any inability to compete effectively may lead to a lower market share or reduced operating margins.
- The COVID-19 pandemic adversely affects its business, financial condition, results of operations, cash flows, liquidity and performance, and it may reduce the demand for its projects in future.
- Its entire business is concentrated within the MMR region. Any event or circumstance that adversely affects the real estate market in the MMR region will have an adverse effect on its business, results of operation and the company financial condition.
- The company has had negative cash flows in the past and it may occur in future too.
- Its operations are subject to varied business risks and the company insurance cover may prove inadequate to cover its economic losses.
- Its future success will depends on the company ability to effectively implement its business and growth strategies failing which the company results of operations may be adversely affected.
- The company has a large work force and its employee benefits expense is one of the larger components of its fixed operating costs. An increase in employee benefits expense could reduce its profitability. Further, the company operations could be adversely affected by work stoppages, shortage of labour, or increased wage demands by its employees or any other kind of disputes with the company employees.
- The company intend to utilise a portion of the Net Proceeds for funding its development expenses requirements.
- The objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution and are based on management estimates.
- Some of its Ongoing Projects require it to obtain approvals or permits, and the company is required to fulfil certain conditions precedent in respect of some of them. Any failures to obtain the necessary approvals in time or at all may result in material delays in its Ongoing Projects and could have an adverse impact on the company results of operations and prospects.
- Its redevelopment projects have long gestation periods and any delays and cost overruns could adversely affect its prospects, business and results of operations.
- The Company has made delayed filings with the RoC and tax authorities and certain forms filed with RoC and certain payment challans in relation to the corporate filings made by the Company are not traceable. The Company has also delayed in making provident fund contribution and employee state insurance corporation contribution for its eligible employees during the last 3 Fiscals.
- There are certain outstanding legal proceedings involving the Company, its Subsidiaries, the company Promoter, and its Directors, which, if determined against it, could have a material adverse effect on its business, cash flows, financial condition and results of operations.
- The company is heavily reliant on its Promoters, Key Managerial Personnel, Senior Management and persons with technical expertise. Failures to retain or replace them will adversely affect its business.
- Changing laws, rules and regulations and legal uncertainties, including adverse application of corporate and tax laws, may adversely affect its business, results of operations, cash flows and prospects.
- Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for its operations from time to time may adversely affect the company's business.
- Its inability to protect or use the company intellectual property rights may adversely affect the company's business.
- Unsecured loans taken by the Company can be recalled by the lenders at any time.
- The Company has in the past entered into related party transactions and may continue to do so in the future and its cannot assure you that the company could not have achieved more favourable terms if such transactions had not been entered into with related parties and that such transactions will not have an adverse effect on its financial conditions and result of operations.
- The company has incurred indebtedness which exposes it to various risks which may have an adverse effect on its business, results of operations and financial conditions. Conditions and restrictions imposed on it by the agreements governing its indebtedness could adversely affect its ability to operate the company's business.
- Its business operations are capital intensive and is significantly dependent on availability of real estate financing or internal accruals. Its may not be able to secure additional funding in the future. In the event the Company is unable to obtain sufficient funding, it may delay its growth plans and have a material adverse effect on the company's business, cash flows and financial condition.
- The company has dues which are outstanding to its creditors. Any failures in payment of these dues may have a material adverse effect on its reputation, business and financial condition.
- The company has issued equity shares pursuant to a bonus issue prior to the Issue, and its will be eligible to issue equity shares pursuant to a bonus issue only when the company has sufficient reserves.
- Its Promoter has subscribed to, and purchased, Equity Shares, at a price which could be below the Issue Price. The average cost of acquisition of Equity Shares by its Promoter could also be lower than the Issue Price.
- The company has licensed the use of its Registered and Corporate Office from which the company operates its business. The company cannot assure you that the license agreement will be renewed upon termination or that its will be able to obtain other premises on lease or license basis on same or similar commercial terms.
- Majority of its independent directors does not have any experience of being a director in a listed company. This may require them to divert their attention from its business concerns to understand the detailed operations of a listed company.
- Its may be unable to enforce its rights under some of the agreements executed by it on account of insufficient stamping.
- Its Promoter will, even after the completion of the Issue, continue to be its largest Shareholder and can influence the outcome of resolutions, which may potentially involve conflict of interest with the other Shareholders.
- Its Promoter and some of the company Directors may have interests in it other than reimbursement of expenses incurred and normal remuneration or benefits.
- Its contingent liabilities could materially and adversely affect the company's business, results of operations and financial condition.
- There are common pursuits amongst the Company and its Associates.
- Its operations are heavily dependent on the real estate industry.
- Sales of its projects may be adversely affected by the inability of the company prospective customers to obtain financing.
- Health, safety and environmental matters, including compliance with environmental laws, could result in substantially increased capital requirements and operating costs.
- Any failures of its information technology systems could adversely impact the company's business.
- Its operations and the company workforce are exposed to various natural disasters, hazards and risks that could affect its business operations and the company reputation.
- Any material deviation in the utilisation of Issue Proceeds shall be subject to applicable law.
- Its business and growth plan could be adversely affected by the incidence and rate of property taxes and stamp duties.
- The Company has not paid dividends in the last 3 Fiscals and during the current Fiscal. The company cannot assure you that the Company will be in a position to pay dividends in the future.
- This Red Herring Prospectus contains information from an industry report prepared by Anarock which the company has commissioned and paid for.
- The company has included certain non-GAAP financial and operational measures related to its operations and financial performance that may vary from any standard methodology that may be applicable across the industry in which the company operates, and which may not be comparable with financial, operational or industry related statistical information of similar nomenclature computed and presented by similar companies.
Arkade Developers Ltd Peer Comparison
Understand the company’s industry standing
Arkade Developers Ltd
Keystone Realtors Ltd
Godrej Properties Ltd
Face Value
10
10
5
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
635.712
2275.63
4334.22
EPS-Basis
8.08
9.85
26.09
EPS-Diluted
8.08
9.82
26.08
NAV Per Share
21.28
157.81
359.4
P/E-Basic EPS
---
74.85
111.53
P/E-Diluted EPS
---
---
---
RONW(%)
46.9
6.4
7.76
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Arkade Developers Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
IPO reads
Stay updated with the latest IPO developments
December 9, 2024 | 5 min read
11 IPOs This Week: ₹18,482 Crores in Focus – GMP, SWOT, and All You Need to Know!
December 2, 2024 | 5 min read
Upcoming IPOs in December 2024: A Packed Month for Investors
November 25, 2024 | 5 min read
SME IPO Rush: 6 Issues Worth ₹410 Cr. Know Key Details Here!
October 25, 2024 | 5 min read
Waaree Energies IPO: GMP Soars 106% Amid 76.34x Subscription – Check Your Allotment Status!
October 22, 2024 | 5 min read
Upcoming IPOs: 9 Public Issues Set to Raise ₹10,984.8 Cr – Key Insights Inside!
October 17, 2024 | 5 min read
Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
September 6, 2024 | 5 min read
Bajaj Housing Finance IPO: All You Need to KnowOctober 17, 2024 | 5 min read
Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
August 26, 2024 | 5 min read
Premier Energies IPO: Key Details Ahead of the ₹2,830.40 Cr Issue LaunchMore on IPOs
Navigate your way to other IPO resources
Latest videos on IPOs
IPO highlights & details!
FAQs on IPO
Get answers to all your questions here!
The IPO opens on 16 Sept 2024 & closes on 19 Sept 2024.
Arkade Developers Limited was originally incorporated as Arkade Developers Private Limited', at Mumbai as a Private Limited Company vide Certificate of Incorporation on May 13, 1986. Thereafter, Company was converted into a Public Limited Company, and the name of Company was changed to its present name pursuant to a Fresh Certificate of Incorporation issued by the RoC on July 7, 2023.
The Promoter gradually acquired control over Company through the acquisition of aggregate 31.10% of the Paid-Up Share Capital on October 20, 2001. Subsequently, on November 30, 2010, he increased his stake to 99.30% of the Paid-Up Share Capital of Company by acquiring 970,000 Equity Shares.
Arkade Developers are a fast growing real estate development Company with a significant presence in Mumbai, Maharashtra. As on July 31, 2023, the Company has developed 1.80 million square feet of residential property. They are engaged in the development of new projects and redevelopment of existing premises, and between 2017 and Q1 2023, they have launched 1,040 residential units and sold 792 residential units in different markets in the MMR, Maharashtra.
The Company established a track record with the completion of 9 projects in the western suburbs of Mumbai and 1 project in South-Central Mumbai, through a partnership firm in which it hold the majority stake with a combined constructed area of 6,48,000 square feet. It completed 27 projects aggregating more than 4 million square feet of development.
In 2005, Arkade launched Project Casa Bella in Borivali West; it commenced Redevelopment of Vineet Co-operative Housing Society in Kandivali West in 2007; commenced Redevelopment of Om Khushal Co-operative Housing Society in Vile Parle East in 2008; completed first Project Arkade Fortuna in South Mumbai in 2013.
Thereafter, the Company got into development for Project Arkade Earth in Kanjurmarg and completed Arkade Art Project in Mira Road
during the year 2018. It completed Arkade Rise Project in South Mumbai in 2020; developed Arkade Earth Project in Kanjurmarg; started Vivek Co-operative Housing Society redevelopment in Santacruz West and Project Arkade Darshan developed in Vile Parle East in 2022 and finally Arkade Serene Project completed in 2023.
The Company is proposing Initial Public Offer by raising capital aggregating Rs 430 Crores Equity Shares through Fresh Issue.
Arkade Developers Ltd IPO will close on 19 Sept 2024.
- Strategic location of projects in micro markets of MMR, Maharashtra with entry barriers.
- The Company is a leading player in select micro markets of, and an established developer in, the MMR, Maharashtra.
- Experienced Promoter and strong and technically proficient management team.
- Strong in-house resources.
- Timely completion of projects.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Amit Mangilal Jain | 123157808 | 80.17 | 123157808 | 66.33 |
- The company may not be able to successfully identify redevelopment projects or identify and acquire suitable land for its proposed new projects which may have an adverse impact on the business and the growth of the Company.
- Inability to complete the company projects by their expected completion dates or at all could have an adverse effect its business, results of operations and financial conditions.
- The company is subject to penalty clauses under the agreements entered into with its customers for any delay in the completion of the company projects.
- The company does not enter into long term agreements for supply of labour and key materials for construction of its projects. Any significant increase in the prices, or shortage of, or delay or disruption in supply of labour or key materials for the company construction may result in time or cost overruns and may impact of the business prospects.
- The company relies on third party contractors whom its do not control to construct of the projects. Any delay or failure on the part of such contractors to adhere to their obligations could adversely affect the company financial condition and its business.
- The company propose to deploy a part of the Net Proceeds towards acquisition of unidentified land and general corporate purposes. Its cannot assure you that the land that the company acquires will be viable or that the project developed on such land will be profitable. Further, if the company is unable to identify and, or, acquires suitable land required to develop new projects the company it could have an adverse impact on its financial condition, business and growth prospects.
- The company revenue from operation is significantly dependent on its ability to sell the company units in a timely manner. If its are not able to sell of the project inventories in a timely manner, then it may adversely affect the company business, results of operations and financial condition.
- The company operates in a competitive industry. Any inability to compete effectively may lead to a lower market share or reduced operating margins.
- The COVID-19 pandemic adversely affects its business, financial condition, results of operations, cash flows, liquidity and performance, and it may reduce the demand for its projects in future.
- Its entire business is concentrated within the MMR region. Any event or circumstance that adversely affects the real estate market in the MMR region will have an adverse effect on its business, results of operation and the company financial condition.
- The company has had negative cash flows in the past and it may occur in future too.
- Its operations are subject to varied business risks and the company insurance cover may prove inadequate to cover its economic losses.
- Its future success will depends on the company ability to effectively implement its business and growth strategies failing which the company results of operations may be adversely affected.
- The company has a large work force and its employee benefits expense is one of the larger components of its fixed operating costs. An increase in employee benefits expense could reduce its profitability. Further, the company operations could be adversely affected by work stoppages, shortage of labour, or increased wage demands by its employees or any other kind of disputes with the company employees.
- The company intend to utilise a portion of the Net Proceeds for funding its development expenses requirements.
- The objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution and are based on management estimates.
- Some of its Ongoing Projects require it to obtain approvals or permits, and the company is required to fulfil certain conditions precedent in respect of some of them. Any failures to obtain the necessary approvals in time or at all may result in material delays in its Ongoing Projects and could have an adverse impact on the company results of operations and prospects.
- Its redevelopment projects have long gestation periods and any delays and cost overruns could adversely affect its prospects, business and results of operations.
- The Company has made delayed filings with the RoC and tax authorities and certain forms filed with RoC and certain payment challans in relation to the corporate filings made by the Company are not traceable. The Company has also delayed in making provident fund contribution and employee state insurance corporation contribution for its eligible employees during the last 3 Fiscals.
- There are certain outstanding legal proceedings involving the Company, its Subsidiaries, the company Promoter, and its Directors, which, if determined against it, could have a material adverse effect on its business, cash flows, financial condition and results of operations.
- The company is heavily reliant on its Promoters, Key Managerial Personnel, Senior Management and persons with technical expertise. Failures to retain or replace them will adversely affect its business.
- Changing laws, rules and regulations and legal uncertainties, including adverse application of corporate and tax laws, may adversely affect its business, results of operations, cash flows and prospects.
- Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for its operations from time to time may adversely affect the company's business.
- Its inability to protect or use the company intellectual property rights may adversely affect the company's business.
- Unsecured loans taken by the Company can be recalled by the lenders at any time.
- The Company has in the past entered into related party transactions and may continue to do so in the future and its cannot assure you that the company could not have achieved more favourable terms if such transactions had not been entered into with related parties and that such transactions will not have an adverse effect on its financial conditions and result of operations.
- The company has incurred indebtedness which exposes it to various risks which may have an adverse effect on its business, results of operations and financial conditions. Conditions and restrictions imposed on it by the agreements governing its indebtedness could adversely affect its ability to operate the company's business.
- Its business operations are capital intensive and is significantly dependent on availability of real estate financing or internal accruals. Its may not be able to secure additional funding in the future. In the event the Company is unable to obtain sufficient funding, it may delay its growth plans and have a material adverse effect on the company's business, cash flows and financial condition.
- The company has dues which are outstanding to its creditors. Any failures in payment of these dues may have a material adverse effect on its reputation, business and financial condition.
- The company has issued equity shares pursuant to a bonus issue prior to the Issue, and its will be eligible to issue equity shares pursuant to a bonus issue only when the company has sufficient reserves.
- Its Promoter has subscribed to, and purchased, Equity Shares, at a price which could be below the Issue Price. The average cost of acquisition of Equity Shares by its Promoter could also be lower than the Issue Price.
- The company has licensed the use of its Registered and Corporate Office from which the company operates its business. The company cannot assure you that the license agreement will be renewed upon termination or that its will be able to obtain other premises on lease or license basis on same or similar commercial terms.
- Majority of its independent directors does not have any experience of being a director in a listed company. This may require them to divert their attention from its business concerns to understand the detailed operations of a listed company.
- Its may be unable to enforce its rights under some of the agreements executed by it on account of insufficient stamping.
- Its Promoter will, even after the completion of the Issue, continue to be its largest Shareholder and can influence the outcome of resolutions, which may potentially involve conflict of interest with the other Shareholders.
- Its Promoter and some of the company Directors may have interests in it other than reimbursement of expenses incurred and normal remuneration or benefits.
- Its contingent liabilities could materially and adversely affect the company's business, results of operations and financial condition.
- There are common pursuits amongst the Company and its Associates.
- Its operations are heavily dependent on the real estate industry.
- Sales of its projects may be adversely affected by the inability of the company prospective customers to obtain financing.
- Health, safety and environmental matters, including compliance with environmental laws, could result in substantially increased capital requirements and operating costs.
- Any failures of its information technology systems could adversely impact the company's business.
- Its operations and the company workforce are exposed to various natural disasters, hazards and risks that could affect its business operations and the company reputation.
- Any material deviation in the utilisation of Issue Proceeds shall be subject to applicable law.
- Its business and growth plan could be adversely affected by the incidence and rate of property taxes and stamp duties.
- The Company has not paid dividends in the last 3 Fiscals and during the current Fiscal. The company cannot assure you that the Company will be in a position to pay dividends in the future.
- This Red Herring Prospectus contains information from an industry report prepared by Anarock which the company has commissioned and paid for.
- The company has included certain non-GAAP financial and operational measures related to its operations and financial performance that may vary from any standard methodology that may be applicable across the industry in which the company operates, and which may not be comparable with financial, operational or industry related statistical information of similar nomenclature computed and presented by similar companies.
The Issue type of Arkade Developers Ltd is Book Building.
The minimum application for shares of Arkade Developers Ltd is 110.
The total shares issue of Arkade Developers Ltd is 32031250.
Initial public offer of 32,037,601 equity shares of face value of Rs. 10 each (equity shares) of Arkade Developers Limited (company) for cash at a price of Rs. 128 per equity share (including a share premium of Rs. 118 per equity share) (issue price) aggregating up to Rs. 410.00 crores (issue) the issue shall constitute 17.26% of the post-issue paid-up equity share capital of the company.
The company has, in consultation with the BRLM, undertaken a pre-ipo placement of 1,626,016 equity shares at an issue price of Rs. 123 per equity share (including a premium of Rs. 113 per equity share) aggregating
Rs. 20.00 crores (pre-ipo placement). The size of the fresh issue of
Rs. 430.00 crores has been reduced by Rs. 20.00 crores pursuant to the pre-ipo placement and the revised size of the fresh issue is up to
Rs. 410.00 crores.
The issue includes a reservation of 162,601 equity shares aggregating
Rs. 2.00 crores (constitutes 0.09% of the post-issue equity share capital), for subscription by eligible employees (employee reservation portion). the company, in consultation with the BRLM, offer a discount of 3.91% of the issue price (equivalent of Rs. 5.00 per equity share) to the eligible employees bidding in the employee reservation portion (employee discount), subject to necessary approvals as may be required. The issue less the employee reservation portion is hereinafter referred to as the net issue. The issue and the net issue constitutes 17.26% and 17.17% of the post-issue paid-up equity share capital, respectively.
The Offer Price is Rs. 128 per equity share of face value of Rs. 10 each.
The offer Price is 12.80 times of the face value of the equity shares.
Bid cane be made for a minimum of 110 equity shares and in multiples of 110 equity shares thereafter.
A discount of Rs. 5 per equity share is being offered to eligible employees bidding in the employee reservation portion.