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News Details

15/12/2023 11:00

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Azad Engineering announces launch of initial public offering

Azad Engineering Ltd. has announced public offering of 14122138 shares at a price of Rs 2.00 each for Cash at a Premium of Rs 522.00 per share. The gross proceeds of the issue are expected to be Rs 74,000.00 lakhs.

The company's initial public offer (IPO) will open on 20 December 2023 and is expected to close on 22 December 2023, subject to customary closing conditions. The price band of the issue has been fixed at Rs 499.00-524.00 per share.

The IPO includes a fresh Issue of 14122138 Equity Shares of the Company at an price of Rs 524.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 28 shares with bids in multiples of 28.

Azad Engineering Ltd. anticipates using the proceeds of the issue for .

ICICI SECURITIES LTD,Axis Capital Ltd.,ANAND RATHI ADVISORS LTD,SBI Capital Markets Ltd. as lead manager(s) & KFin Technologies Ltd. is the registrar, to the issue.