Dinesh Engineers Limited’s Offer, price band of Rs. 183 – Rs. 185 per equity share
Dinesh Engineers Limited, a passive communication infrastructure provider Company in India will be launching its initial public offering (“IPO” or the “Offer”) which is scheduled to open on September 28, 2018 and close on October 3, 2018 with a price band of Rs. 183 – Rs. 185 per Equity Share of face value of Rs. 10 each of the Company (the “Equity Shares”). The anchor investor allocation will be a day prior to the Bid/Offer Opening Date i.e. September 27, 2018.
The Initial Public Offering consists of up to 10,000,000 Equity Shares .
The Company proposes to utilize the Net Proceeds of the Fresh Issue for (i) expansion of business by setting up of further OFC Network under IP-1 License; (ii) to fund expenditures towards general corporate purposes; and (iii) to meet public issue expenses.
In terms of Rule 19(2) (b) (i) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”) the Issue is being made for at least 25% of the post-Issue paid-up Equity Share capital of the Company.
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, as amended the (“SEBI ICDR Regulations”) wherein not more than 50 % of the Issue will be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Category”), provided that the Company, in consultation with the BRLM, may allocate up to 60% of the QIB Category to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Issue Price. Further, 5% of the QIB Category (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder shall be available for allocation on a proportionate basis to QIBs including Mutual Funds, subject to valid Bids being received from them at or above the Issue Price.
Further, not less than 15% of the Issue will be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Issue will be available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price. All investors (except Anchor Investors) shall participate in this Issue mandatorily through the Applications Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank accounts which will be blocked by SCSBs.
Hem Securities Limited is the Book Running Lead Manager (“BRLM”) to the Issue and the Registrar to the Issue is Link Intime India Private Limited.
The Equity Shares of the Company are proposed to be listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited.