Today, Initial public offering of Tecpro Systems, a material handling company, has opened for subscription. The company is offering 7.56 million shares through this issue and has fixed a price band at Rs 340-355 a share.
The offer comprises a fresh issue of upbeat to 6.25 million equity shares and an offer for sale of upbeat to 1.3 million shares by Metmin Investments Holdings.
The offer contains a net offer to the public of 7.35 million shares and a reservation of 200,000 equity shares for subscription by eligible employees.
The issue shall comprise 14.96% of the post-offer share capital of company.
On September 27, the issue will close for subscription for QIB bidders and on September 28 for non-QIB bidders. Bids can be made for a minimum of 15equity shares and in multiples of 15 shares thereafter.
The earnings from the issue would be deployed towards working capital requirements and general corporate purposes. On the other hand, company will not receive any proceeds of the offer for sale by the selling shareholder.
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