MUMBAI: Antony Waste Handling Cell Limited (the “Company”), the 2nd largest player in the Indian MSW management industry (estimated at INR 5000 cr for FY2020) with an established track record of more than 19 years, proposes to open on December 21, 2020, an initial public offering (“Issue”) of equity shares of the face value of Rs. 5 each (the “Equity Shares”) for cash at a Price Band of Rs. 313 per Equity Share to Rs. 315 per Equity Share consisting of a fresh issue of Equity Shares aggregating up to Rs. 850 million and an Offer for Sale of up to 6,824,933 Equity Shares comprising up to 1,390,330 Equity Shares by Leeds (Mauritius) Limited; up to 2,085,510 Equity Shares by Tonbridge (Mauritius) Limited; up to 1,158,667 Equity Shares by Cambridge (Mauritius) Limited; and up to 1,158,667 Equity Shares by Guildford (Mauritius) Limited.
The Bid/Issue Period will close on December 23, 2020. Bids can be made for a minimum lot of 47 Equity Shares and in multiples of 47 Equity Shares thereafter.
The Equity Shares are proposed to be listed on BSE and NSE.
The Company proposes to utilize the Net Proceeds towards (i) Part-financing for the waste-to-energy project at Pimpri Chinchwad through investment in its subsidiaries, AG Enviro and/ or ALESPL, (ii) Reduction of consolidated borrowings of the Company and its subsidiaries by infusing debt in its subsidiary – AG Enviro for repayment/prepayment of a portion of their outstanding indebtedness and (iii) general corporate purposes.
Equirus Capital Private Limited and IIFL Securities Limited are the Book Running Lead Managers (“BRLMs”) to the Issue.
In terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, (the “SEBI ICDR Regulations”) and in compliance with Regulation 6(1) of the SEBI ICDR Regulations not more than 50% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”, the “QIB Portion”), provided that the Company and the Selling Shareholders, in consultation with the Book Running Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor Investor Portion’’). At least one-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion. 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 ICDR Regulations, subject to valid Bids being received at or above the Issue Price. All potential Bidders, other than Anchor Investors, shall only participate in the Issue through the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective bank account which will be blocked by the SCSBs. Anchor Investors are not permitted to participate in the Issue through the ASBA process.
All capitalized terms used herein and not defined shall have the same meaning ascribed to them in the RHP.
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