The issue will be a complete offer for sale of 1,15,08,704 equity shares of face value of Rs 5 each by promoter and investor selling shareholders. The offer includes an employee reservation portion as well. The company will not receive any proceeds from the offer since it involves only the Offer for Sale.
The portion reserved for Qualified Institutional Buyers will be up to 50% of the offer, non-institutional investors will have up to 15% of the portion reserved while up to 35% will be reserved for the retail investors. The equity shares offered are proposed to be listed on the BSE & NSE Stock Exchanges.
In the last three fiscal years the company’s revenue from operations increased from Rs. 3,295 crore in FY2018 to Rs. 6,373 crore in FY2020 at a CAGR of 39 % while the profit for the year increased from Rs. 413 crore in FY2018 to Rs 799 crore in FY20.