· Public issue to raise up to Rs. 70 cr
· The minimum Bid lot is 300 equity shares and in multiples of 300 equity shares thereafter
· Issue opening date – March 18, 2016 and closing date – March 22, 2016
The IPO consists of public issue to raise up to Rs. 70 crs. mentioned in the Red Herring Prospectus dated March 7, 2016. All potential investors shall participate in this Issue only through the Application Supported by Blocked Amount (“ASBA”) process.
The Issue is being made through the Book Building Process wherein at least 75% of the Net Issue will be allotted on a proportionate basis to Qualified Institutional Buyers (“QIBs”). Out of which 5% of the QIB Portion will be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion will be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price.
Further, not more than 15% of the Net Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and not more than 10% of the Net Issue will be available for allocation to Retail Individual Bidders and 5% of the Issue size aggregating upto Rs 350 lacs is reserved for subscription by eligible employees, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price.
The objects of the net proceeds is to set up a proposed fully integrated wire rope plant under one roof of 66,000 MTPA at Chalisgaon, in the Jalgaon district of Maharashtra. The project cost is Rs 507.18 cr out of which the company has made firm tie up from seven banks to the extent of Rs. 330.00 cr.
Intensive Fiscal Services Private Limited and BOB Capital Markets Limited are the Book Running Lead Managers while Karvy Computershare Private Limited is the registrar of the Issue.
The equity shares of the company are proposed to be listed on the BSE and the NSE.
About –Bharat Wire Ropes Limited (“BWRL”):
Bharat Wire Ropes Limited, established in 1986, is engaged in the business of manufacturing wire ropes. The products manufactured by the company find its application in several fields which includes general engineering, fishing, elevators, cranes, material handling, power transmission, suspension bridges, onshore / offshore oil exploration, ports and shipping, mining, defence, railways, to name a few. The existing facility at Atgaon, has an installed capacity of 12,000 MTPA steel wire ropes manufacturing. BWRL also has a Pyrolysis plant with an installed capacity of 1,260 MTPA at Chalisgaon, Maharashtra for production of oil, which is used as fuel in their current manufacturing process.