Promoter of the Company : President of India acting through the Ministry of Defence, Government of India Offer Opens on : Wednesday, March 21, 2018 Offer Closes on : Friday, March 23, 2018 Price Band Rs. 87 to Rs.90 per Equity Share Discount to Retail and Eligible Employees : Rs. 3 per Equity Share Bid Lot : The minimum Bid lot is 150 equity shares and in multiples of 150 equity shares thereafter Offer· Public Offer of 48,708,400 Equity Shares
· Net Public Offer of 46,835,000 Equity Shares.
· Employee Reservation Portion of up to 1,873,400 Equity Shares.
MUMBAI, (GNI): Mishra Dhatu Nigam Limited’s (MIDHANI) one of the leading manufacturers of special steels, Superalloys and only manufacturer of titanium alloys in India, will be launching its initial public offering (“IPO” or the “Offer”) which is scheduled to open on March 21, 2018 and close on March 23, 2018, with a price band of Rs. 87 – Rs. 90 per EquityShare of face value of Rs. 10 each of the Company (the “Equity Shares”).
The IPO comprises of an Offer of 48,708,400 Equity Shares, an Offer for Sale by the President of India acting through the Ministry of Defence. The IPO consists of a reservation of up to 1,873,400 Equity Shares for subscription by Eligible Employees and the Net Public Offer of 46,835,000 Equity Shares.
The objects of the Offer are: (i) to carry out the disinvestment of 48,708,400 Equity Shares by the Selling Shareholder constituting 26% of Company’s pre-Offer paid up Equity Share capital; and (ii) to achieve the benefits of listing the Equity Shares on the Stock Exchanges. The Company will not receive any proceeds from the Offer and all proceeds shall go to the Selling Shareholder.
The Offer and the Net Offer will constitute 26.00% and 25.00% respectively, of the post offer paid-up equity share capital of the Company, announced by Dinesh Kumar Likhi (Chairman & Managing Director) Mishra Dhatu Nigam Limited, at the press conference in Mumbai today.
SBI Capital Markets Limited and IDBI Capital Markets & Securities Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.
The Equity Shares of MIDHANI are proposed to be listed on BSE and NSE.
About Mishra Dhatu Nigam Limited: MIDHANI is one of the leading manufacturers of special steels, Superalloys and only manufacturer of Titanium alloys in India. These are high value products which cater to niche end user segments such as defence, space and energy. MIDHANI was established in the year 1973, with an aim of achieving self-reliance in the research, development and supply of critical alloys and products of national security and strategic importance. The Company has emerged as a ‘National Centre for Excellence’ in advanced metallurgical production of special metals and Super alloys in India. MIDHANI has the technological ability to manufacture a wide range of advanced metals and alloys under one roof. With the growth in business and operations, company achieved the status of a Mini Ratna, Category-I company in 2009.
MIDHANI is one of the few metallurgical plant of its kind in the world, designed to manufacture a wide range of special metals and alloys using integrated and highly flexible manufacturing systems, MIDHANI manufactures unique combinations of metal and alloys. These special alloys have superior mechanical properties and better workability essential for special applications in aerospace, power generation, nuclear, defence and other general engineering industries. The Company’s products are key ingredients for strategic sectors in India, which typically are not available for import from other countries due to its national security concerns. MIDHANI manufactures special steels like martensitic steel, ultra high strength steel, austenitic steel and precipitation hardening steel. MIDHANI has the competence to develope and manufacture customised alloys tailor-made to suit specific requirements of customers for critical applications. Presently, MIDHANI conducts its operations at the manufacturing facility located in Hyderabad. MIDHANI is in the process of setting up two new manufacturing facilities in Rohtak and Nellore. MIDHANI is ISO 9001– Quality Management System certified and AS 9100 C certified for manufacturing and supply of metals and alloy products.
MIDHANI has continuously posted profits in the last five fiscals. On a restated basis, the total revenues grew at a CAGR of 9.23% from ₹5,851.89 million for Fiscal 2013 to ₹8,330.90 million for Fiscal 2017 and PAT grew at a CAGR of 7.68% from ₹939.55 million for Fiscal 2013 to ₹1263.13 million for Fiscal 2017. MIDHANI has earned a PAT of ₹273.01 million on a total revenue of ₹2,206.61 million for the six months period ended September 30, 2017. ends