The IPO follows a series of initial offers launched during this year to take advantage of positive sentiment in the equity markets which are trading at higher levels.
The company is raising funds through this issue for advertising and business promotion activities, to purchase of land for construction of office premises in Chennai, for the repayment of overdraft facilities and for general corporate purposes.
The IPO consists of fresh issue of up to Rs 1,300 million and offers for sale up to 37,67,254 equity shares. The price band is fixed at Rs 983 to Rs 985 per equity share. The issue offers a discount of Rs 98 per share to retail and eligible employee category. The equity shares will have a face value of Rs 10 per share.
The minimum order quantity or one lot consists of 15 shares and in multiples thereof. The issue is going to open on September 11 and will close on September 13, 2017. Axis Capital Limited and ICICI Securities Limited are Book Running Lead Managers (BRLM) for the issue.
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