Overview
- BSE data at 1:10 p.m. on Nov. 24 showed overall bids at 3.41 times the offer, with retail at 3.55 times, non-institutional at 7.47 times, and QIBs at 0.11 times.
- The grey market premium hovered around Rs 120–125 per share, implying roughly a 20–21% upside versus the Rs 593 cap price, though GMP is unofficial and speculative.
- The Rs 895 crore offer comprises a Rs 95 crore fresh issue and an offer for sale of about 1.35 crore shares worth roughly Rs 800 crore within a price band of Rs 563–593.
- Bidding closes Nov. 25, share allotment is slated for Nov. 26, refunds and credits are expected Nov. 27, and a tentative listing is set for Nov. 28 on the BSE and NSE.
- Proceeds are earmarked for machinery procurement at the Nandesari Facility I and for general corporate purposes; ICICI Securities and IIFL Capital Services are lead managers and MUFG Intime India is registrar.