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Behari Lal Engineering IPO sets ₹271-285 price band, opens Aug 12
The ₹93 crore fresh issue includes an offer for sale of 73.20 lakh shares, with allotment expected on 17 August.
Behari Lal Engineering has set its IPO price band at ₹271 to ₹285 per equity share with a face value of ₹10, according to LiveMint Markets. The offer opens for bidding on 12 August and closes on 14 August.
The IPO includes a fresh issue of equity shares worth ₹93 crore plus an offer for sale of 73.20 lakh shares. Under the allocation, up to 50% of shares are reserved for Qualified Institutional Buyers, at least 15% goes to Non-Institutional Investors, and retail investors receive at least 35%.
The company plans to deploy net proceeds primarily towards capital expenditure to expand manufacturing capacity. This includes procuring and installing machinery, equipment, computers, printers and other peripherals, along with civil works at two manufacturing facilities in Punjab, and installing rooftop solar panels at both sites.
LiveMint Markets also reports that part of the proceeds will be used to repay or prepay certain borrowings, with the remainder allocated to general corporate purposes. The registrar for the issue is MUFG Intime India Pvt. Ltd., allotment is expected on 17 August, and the shares are tentatively scheduled to list on NSE and BSE on 19 August.