365Telugu.com online news, National, November 19, 2024: Enviro Infra Engineers Limited (“Enviro Engineers” or “The Company”) will open its Bid/Offer for the Initial Public Offering (IPO) of Equity Shares on Friday, November 22, 2024.
The total offer size includes a fresh issue of up to 3,86,80,000 Equity Shares (the “Fresh Issue”) and an offer for sale of up to 52,68,000 Equity Shares (the “Offer for Sale”).
This offer also includes a reservation of up to 1,00,000 Equity Shares for eligible employees (the “Employee Reservation Portion”).
The Anchor Investor bidding date will be Thursday, November 21, 2024. The Bid/Offer will open on Friday, November 22, 2024, and close on Tuesday, November 26, 2024 (“Bid Details”).
The price band for the offer has been set at ₹140 to ₹148 per Equity Share. Bids can be made for a minimum of 101 Equity Shares and in multiples of 101 Equity Shares thereafter (“Price Band”).
The Company plans to utilize the net proceeds from the fresh issue of Equity Shares for the following purposes:
- To meet working capital requirements;
- To infuse funds into the subsidiary, EIEL Mathura Infra Engineers Private Limited (“EIEL Mathura”), to construct a 60 MLD STP under the ‘Mathura Sewerage Scheme’ project in Mathura, Uttar Pradesh, through Hybrid Annuity Based PPP Mode;
- To repay or prepay, in full or in part, certain outstanding borrowings;
- To fund inorganic growth through unidentified acquisitions and general corporate purposes (the “Objects of the Issue”).
The Offer for Sale of up to 52,68,000 Equity Shares (“Offered Shares”) includes up to 21,34,000 Equity Shares by Sanjay Jain, up to 21,34,000 Equity Shares by Manish Jain, up to 5,00,000 Equity Shares by Ritu Jain, and up to 5,00,000 Equity Shares by Shachi Jain (collectively, the “Promoter Selling Shareholders”). This Offer for Sale will be made by the Selling Shareholders.
The Equity Shares will be offered through the Red Herring Prospectus (RHP) dated November 16, 2024, filed with the Registrar of Companies, Delhi.
These Equity Shares are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectively, the “Stock Exchanges”). For the purposes of the Offer, NSE is the Designated Stock Exchange (“Listing Details”).
The Offer will be made through the Book Building process as per Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, and in compliance with the SEBI ICDR Regulations. The Offer will be made through the Book Building Process, wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and the “QIB Portion”).
However, 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”).
One-third of the Anchor Investor Portion will be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors.
In case of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares will be added to the QIB Portion.
Additionally:
- Not less than 15% of the Net Offer will be available for allocation to Non-Institutional Bidders (with one-third reserved for Bidders with Bids exceeding ₹2,00,000 and up to ₹10,00,000, and two-thirds for Bidders with Bids exceeding ₹10,00,000).
- Not less than 35% of the Net Offer will be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.
Equity Shares will also be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids being received.
All Bidders, other than Anchor Investors, must participate in the Offer through the Application Supported by Blocked Amount (“ASBA”) process, where the ASBA Account and UPI ID (for UPI Bidders) will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or Sponsor Bank, as applicable, to the extent of their respective Bid Amounts.
Hem Securities Limited is the sole Book Running Lead Manager (“BRLM”) for the Offer.
All capitalized terms used but not defined here shall have the same meaning ascribed to them in the RHP.