Price Band: Rs. 1,215 to Rs. 1,240 per Equity Share
Discount of Rs. 25 on Offer Price being offered to Retail Individual Bidders (“Retail Discount”) and to Eligible Employees bidding in the Employee Reservation Portion (“Employee Discount”)
Mumbai, March 13, 2018: Hindustan Aeronautics Limited (the “Company”) proposes to open on Friday, March 16, 2018, an initial public offering of Equity Shares 34,107,525 equity shares of face value of Rs. 10 through an offer for sale by the President of India, acting through the Department of Defence Production, Government of India (the “Selling Shareholder“) for cash at a price per Equity Share (the “Offer Price“) (the “Offer“). The Offer comprises a Net offer of 33,438,750 Equity Shares and an Employee Reservation Portion of up to 668,775 Equity Shares. The Offer and Net offer shall constitute 10.20% and 10% respectively of the Post-Offer paid-up equity share capital of the Company.
The Price Band has been fixed of Rs. 1,215 to Rs. 1,240 per Equity Share. A discount of Rs. 25 on Offer Price is being offered to Retail Individual Bidders (“Retail Discount”) and to Eligible Employees bidding in the Employee Reservation Portion (“Employee Discount”). Bids can be made for a minimum lot of 12 Equity Shares and in multiples of 12 Equity Shares thereafter.
The Bid/Offer Period will close on Tuesday, March 20, 2018.
The Equity Shares being offered through the Red Herring Prospectus dated March 7, 2018 (the “RHP”) are proposed to be listed on BSE and NSE.
The Book Running Lead Managers (“BRLMs”) to the Offer are SBI Capital Markets Limited and Axis Capital Limited.
The Offer is being made through the Book Building Process in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“SEBI ICDR Regulations”), wherein 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIB Portion”). Such number of Offered Shares (defined below) representing 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Offered Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Further, up to 668,775 additional Equity Shares shall be available for allocation and Allotment on a proportionate basis to the Eligible Employees Bidding in the Employee Reservation Portion, conditional upon valid Bids being received from them at or above the Offer Price. All Bidders shall participate in the Offer mandatorily through the Applications Supported by Blocked Amount (“ASBA”) process by providing the details of their respective ASBA Accounts in which the corresponding Bid Amount will be blocked by the SCSBs.
Hindustan Aeronautics Limited is proposing, subject to statutory and regulatory requirements, market conditions and other considerations, an initial public offering of its equity shares and has filed a Red Herring Prospectus dated March 7, 2018 (“RHP”) with the Registrar of Companies, Karnataka at Bengaluru on March 7, 2018. The RHP will be available on the website of the SEBI at www.sebi.gov.in, BSE at www.bseindia.com, NSE at www.nseindia.com and the websites of the Book Running Lead Managers at www.sbicaps.com and www.axiscapital.co.in. Any potential investor should note that investment in Equity Shares involves a high degree of risk. For details, potential investors should refer to the section titled “Risk Factors” in the RHP. Investors should not refer to the draft red herring prospectus filed with SEBI for making any investment decision. The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act (“Regulation S”) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. No public offering of securities is contemplated in the United States or any other jurisdiction outside India.
In view of national security related concerns, certain material information in relation to our business and operations has been classified as ‘confidential’ by the Ministry of Defence, Government of India (the “MoD”) and us. As a result, we have not (i) disclosed such information in the RHP; or (ii) provided such information to the BRLMs, the legal counsels and other intermediaries involved in the Offer. We cannot assure you that the RHP contains all such material information necessary for investors to make an informed investment decision.
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