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Pennar Engineered Building Systems Ltd is set to hit the market with an initial public offer on August 25 to raise up to Rs 58 crore and an offer-for-sale of up to 5,516,141equity shares of a face value of Rs 10 each. The issue closes on August 27.
The sale of shares is by Zephyr Peacock India Fund III Ltd, Zephyr Peacock India III Fund, Usha Ramani Potluri, Vikram Chachra, and Eight Finance Pvt Ltd, in a price band of Rs 170-178. The issue will constitute at least 25 per cent of the fully diluted post-issue paid-up equity share capital of the company.
The company and the selling shareholders may allocate up to 60 per cent of the portion reserved for qualified institutional bidders to anchor investors. Anchor investors will bid on Monday, August 24, a day prior to the bid/issue opening date.
The minimum bid lot is 80 equity shares and bids can be made in multiples of 80 equity shares thereafter. The issue will be through the book-building process. The shares are to be listed on BSE and NSE.
The issue proceeds will be used for debt repayment and financing infrastructure and for general corporate purposes. As of March 31, 2015, PEBS had outstanding debt of Rs 40.57 crore.
PEBS is a part of Pennar Industries Ltd. PEBS commenced its business in January 2010 and as of June 30, 2015, has completed designing, manufacturing, supply and assembly of 83,967 mt covering 18,58,552 sqm of pre-engineered buildings in various sectors.
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