Price Band: Rs. 413 to Rs. 428 per Equity Share
The Employee Discount and Retail Discount: Rs. 10 per Equity Share on Offer Price
Mumbai, March 7, 2018: Bharat Dynamics Limited (the “Company” or the “Issuer”) proposes to open on Tuesday, March 13, 2018, an initial public offering of 22,451,953 Equity Shares through an offer for sale by the Promoter, The President of India, acting through the Ministry of Defence, Government of India (the “Selling Shareholder”) (the “Offer”). The Company has reserved a portion of 458,203 Equity Shares for allocation and allotment to eligible employees (“Employee Reservation Portion”).
The Bid/Offer Period closes on Thursday, March 15, 2018.
The Price Band for the Offer is fixed from Rs. 413 to Rs. 428 per Equity Share. The Employee Discount and Retail Discount: Rs. 10 per Equity Share on Offer Price. Bids can be made for a minimum lot of 35 Equity Shares and in multiples of 35 Equity Shares thereafter.
The Offer and the Net offer constitute 12.25% and 12.00% respectively of the pre- and post-Offer paid up Equity Share Capital of the Company.
The Equity Shares are being offered through the red herring prospectus dated March 5, 2018 (the “RHP”). The Equity Shares are proposed to be listed on BSE and NSE.
The Book Running Lead Managers (“BRLMs”) to the Offer are SBI Capital Markets Limited, IDBI Capital Markets & Securities Limited and YES Securities (India) Limited.
The Offer is being made in terms of Rule 19(2)(b)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), wherein at least 10% of the post-Offer Equity Share capital of our Company will be offered to the public. 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 not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIB Portion”). 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 Equity 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 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. 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.
Bharat Dynamics Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed the Red Herring Prospectus with Registrar of Companies, Andhra Pradesh and Telangana, situated at Hyderabad. The RHP is available on the websites of SEBI, BSE, NSE at www.sebi.gov.in, www.bseindia.com, www.nseindia.com, respectively and is available on the websites of the BRLMs at www.sbicaps.com, www.idbicapital.com and www.yesinvest.in, respectively. Any potential investors should note that investment in Equity Shares involves a high degree of risk and for details relating to the same, please refer to the RHP including the section titled “Risk Factors” on page 14 therein. Potential investors should not rely on the DRHP filed with the SEBI for making any investment decision.
This announcement has been prepared for publication in India and may not be released in the United States. This announcement is not an offer to sell, nor a solicitation of any offer to buy, securities of our Company in the United States. The Equity Shares referenced herein have not been, and will not be, registered with the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities administrator under any applicable U.S. state securities laws, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. The Equity Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of each jurisdictions where such offers and sales are made.
Capitalised terms not otherwise defined in this press release shall have the meanings given to them in the RHP.
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