Benara Bearings & Pistons IPO To Open On March 20, 2018
Benara Bearings & Pistons Limited (“the Company”) engaged in the manufacturing of engine bearings, bushes, pistons, piston pin, piston rings, cylinder liners and sleeves and engine valves, will be launching its Initial Public Offering (“IPO” or the “Issue”) on the SME Platform of BSE Limited, which is scheduled to open on March 20, 2018 and close on March 22, 2018, with a price band of Rs. 60 to Rs. 63 per Equity Share of face value of Rs. 10 each of the company.
The issue consists of Initial Public Issue of up to 53, 16,000 equity shares of face value of Rs.10 each (“Equity Shares”), aggregating up to Rs. (.) Lakhs (The issue) of which 2, 72,000 equity shares of face value of Rs 10 each for cash at a price of Rs. [.]/- per equity share, aggregating Rs [.] Lakhs will be reserved for subscription by the market maker to the issue (The Market Maker Reservation Portion) and up to 76,000 equity shares of Rs. 10/each for cash at a price of Rs (.) per equity share aggregating Rs (.) Lakhs will be reserved for subscription by eligible employees (The “Employee Reservation Portion”). The issue less Market Maker Reservation Portion and Employee Reservation Portion i.e. issue of up to 49, 68,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs (.)-per equity share aggregating Rs. (.) Lakhs is hereinafter referred to as the “Net Issue.”
The face value of the equity shares is Rs 10 each and the issue price is 6.00 times the face value at the lower price band and 6.30 times the face value at the upper price band.
The Net Proceeds will be utilized for expansion of the company by way of opening retail stores for automobile parts across the country; funding the working capital requirements of our subsidiary company – Benara Solar Private Limited (“BSPL”), Funding the working capital requirements of our company and general corporate purposes. (Collectively, herein referred to as the “Objects of the issue”).The equity shares of the company are proposed to be listed on SME platform of BSE Limited.