Gardenreach Ship announces launch of initial public offering
12/09/2018 09:30
Garden Reach Ship Builders and Engineers Ltd. has announced public offering of 29210760 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 108.00 per share. The gross proceeds of the issue are expected to be Rs 34,468.70 lakhs.

The company's initial public offer (IPO) will open on 24 September 2018 and is expected to close on 26 September 2018, subject to customary closing conditions. The price band of the issue has been fixed at Rs 115.00-118.00 per share.

The IPO includes a fresh Issue of 29210760 Equity Shares of the Company at an price of Rs 118.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 120 shares with bids in multiples of 120.

Garden Reach Ship Builders and Engineers Ltd. anticipates using the proceeds of the issue for (i) to carry out the disinvestment of ,, Equity Shares by the Selling Shareholder; and (ii) to achieve the benefits of listing the Equity Shares on the Stock Exchanges the Company will not receive any proceeds from this Offer and all proceeds shall go to the Selling Shareholder Offer related expenses The total expenses of this Offer are estimated to be approximate ? million The expenses of this Offer include, among others, underwriting and management fees, selling commissions, printing and distribution expenses, legal expenses, statutory advertisement expenses, registrar and depository fees and listing fees.

Yes Securities (India) Ltd.,IDBI Capital Market Services Ltd. as lead manager(s) & ALANKIT ASSIGNMENTS LTD. is the registrar, to the issue.