· Public Issue of up to 6,300,000 Equity Shares
· Net Issue to the public up to 6,100,000 Equity Shares
· Employee reservation portion of up to 200,000 Equity Shares
· The minimum Bid lot is 70 equity shares and in multiples of 70 equity shares thereafter
· Issue Opening Date – September 14, 2016 and Issue Closing Date – September 16, 2016
(Left to Right) Mr. Sunil Sethi, MD & CEO, PNBISL; Mr. Kulwin Sehra , ED GNA; Mr. Ranbir Singh, President and CEO, GNA; Mr Rakesh Gupta, CFO, GNA; Mr. Premal Doshi, MD, Ambit Pvt. Ltd; Mr. Manjit Rihal, AGM (Exports) GNA
MUMBAI, September 6, 2016 ( GPN ): Jalandhar-based GNA Axles Limited (“Company”), one of the leading manufacturers of rear axle shafts used in on-highway and off-highway vehicular segments will be launching its initial public offering (“IPO” or the “Issue”) which is scheduled to open on September 14, 2016 and close on September 16, 2016, with a price band of Rs. 205 – Rs. 207 per Equity Share of face value of Rs. 10 each of the Company (the “Equity Shares”). The Anchor Investor Bid/Issue Period shall be September 12, 2016, being one working day prior to the Issue Opening Date.
The IPO comprises of an Issue of up to 6,300,000 Equity Shares. The Net Public Issue comprises up to 6,100,000 Equity Shares and an Eligible Employee Reservation Portion of up to 200,000 Equity Shares.
The Company proposes to utilize the Net Proceeds of the Issue for (i) purchase of plant and machinery, (ii) to meet working capital requirements and (iii) general corporate purposes.
The Issue is being made through the Book Building Process, in compliance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“SEBI Regulations”), wherein not more than 50% of the Net Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”)(the “QIB Portion”), provided that the Company in consultation with the BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis. 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Issue Price.
Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue shall be available for allocation to Retail Individual Bidders in accordance with the SEBI Regulations, subject to valid Bids being received at or above the Issue Price.
Further, up to 200,000 Equity Shares will be available for allocation on a proportionate basis to Eligible Employees, subject to valid Bids being received at or above the Issue Price. All Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective bank accounts which will be blocked by the Self Certified Syndicate Banks (“SCSBs”), to participate in the Issue.
The Issue and the Net Issue will constitute 29.35% and 28.42%, of the Post-Issue paid-up Equity Share capital of the Company, respectively.
PNB Investment Services Limited and Ambit Private Limited* are the Book Running Lead Managers (“BRLMs”) to the Issue. The Registrar to the Issue is Link Intime India Private Limited.
The Equity Shares of GNA Axles Limited are proposed to be listed on NSE and BSE.
