Mumbai, January 19th 2016: Solapur based, Precision Camshafts Ltd, one of the world’s leading manufacturer and supplier of camshafts, has filed Red Herring Prospectus (RHP) with Registrar of Companies (“RoC”). The offer consists of fresh issue aggregating up to Rs 2400 million and an offer for sale of up to 9,150,000 shares, of face value Rs.10 each.
Photo caption: (From left to right)
Mr. Ankush Pitale – HDFC Bank Limited
Mr. Narayanan Sadanandan – SBI Capital Markets Limited
Mr. Yatin Shah – Chairman and Managing Director, Precision Camshafts Limited
Mr. Ravindra Joshi – Director and CFO, Precision Camshafts Limited
Dr. Suhasini Shah – Director, Precision Camshafts Limited
Mr. Nipun Goel – IIFL Holdings Limited.
The Issue opens on Wednesday, January 27th, 2016 and closes on Friday, January 29th, 2016 and the Price Band is fixed at Rs. 180/- to Rs. 186/- per equity share.
The Book Running Lead Managers to the issue are SBI Capital Markets Ltd, HDFC Bank Ltd and IIFL Holdings Ltd. The registrar to the issue is Link Intime India Pvt Ltd. The Equity Shares being offered are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
The objects of the net proceeds of the fresh issue are establishment of a machine shop for ductile iron camshafts at the EOU (Export Oriented Unit) unit and general corporate purposes.
The Issue is being made through the Book Building Process wherein 50% of the offer will be allocated on a proportionate basis to Qualified Institutional Buyers (QIB’s), provided that the Company and the Selling Shareholders, in consultation with the BRLMs, may allocate up to 60% of the QIB Category to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Offer Price.
Further, 5% of the QIB Category (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder shall be available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid Bids being received from them at or above the Offer Price.
Further, not less than 15% of the Offer will be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Offer will be available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, as amended from time to time, subject to valid Bids being received at or above the Offer Price. All Investors (except Anchor Investors) shall participate in this Offer only through the ASBA process.
