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News Details

14/12/2023 19:40

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Happy Forgings announces launch of initial public offering

Happy Forgings Ltd. has announced public offering of 11865802 shares at a price of Rs 2.00 each for Cash at a Premium of Rs 848.00 per share. The gross proceeds of the issue are expected to be Rs 1,00,859.32 lakhs.

The company's initial public offer (IPO) will open on 19 December 2023 and is expected to close on 21 December 2023, subject to customary closing conditions. The price band of the issue has been fixed at Rs 808.00-850.00 per share.

The IPO includes a fresh Issue of 11865802 Equity Shares of the Company at an price of Rs 850.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 17 shares with bids in multiples of 17.

Happy Forgings Ltd. anticipates using the proceeds of the issue for Purchase of equipment, plant and machinery Prepayment of all or a portion of certain outstanding borrowings availed by the Company General corporate purposes.

Axis Capital Ltd.,Motilal Oswal Investment Advisors Private Limited,Equirus Capital Private Limited,JM Financial Ltd. as lead manager(s) & Link Intime India Private Limited is the registrar, to the issue.