Sachin Tendulkar-backed Azad Engineering’s Rs 740-cr IPO subscribed 83 times – Times of India

Sachin Tendulkar-backed Azad Engineering’s Rs 740-cr IPO subscribed 83 times - Times of India

Hyderabad: 740 crore initial public offering (IPOAccording to market sources, Sachin Tendulkar-backed Azad Engineering has been subscribed about 83 times with over 3.9 lakh applications for its shares totaling Rs 42,754 crore.
While Eligible institutional buyers (QIB) portion was subscribed 180 times with bids of 26,443 crore shares, non-institutional investor portion was subscribed 90 times with bids of about 9,955 crore shares and retail portion was subscribed with 24 times bids. has been. About 6,286 crore shares are being subscribed, according to market reports.
This excludes about Rs 221 crore raised from 20 anchor investors at the upper end of 499-524 a day before the IPO, which opened on December 20 and closed on Friday. The Hyderabad-based company raised funds from marquee anchor investors such as Abu Dhabi Investment Authority – Monsoon, Nomura Funds Ireland-India Equity Fund and Ashoka India Equity Investment Trust LLC.
Azad Engineering, which manufactures complex and highly engineered precision forged and machined components with zero-defect requirements for mission-critical and life-critical projects for sectors such as aerospace and defense, energy and oil and gas, is a shareholder. 240 crore through fresh issuance. A total of 500 crore shares were offered for sale by promoters and existing investors.
The Company intends to use the net proceeds from the Offering for its capital expenditures and to repay or prepay certain indebtedness, either in whole or in part, as well as for general corporate purposes.

Sachin Tendulkar,Eligible institutional buyers,IPO,Independent Engineering Retail Part

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