Mar 16, 2017 01:11 PM IST | Source: Moneycontrol.com

Shankara Building Products IPO opens on March 22, price band set at Rs 440-460

Shankara Building Products, the retailer of home improvement and building products, is set to launch its initial public offer of Rs 350 crore on March 22. The price band for the issue is fixed at Rs 440-460 per share.

Shankara Building Products IPO opens on March 22, price band set at Rs 440-460

Moneycontrol News

Shankara Building Products, the retailer of home improvement and building products, is set to launch its initial public offer of Rs 350 crore on March 22. The price band for the issue is fixed at Rs 440-460 per share.

"The issue comprises of a fresh issue of equity shares aggregating up to Rs 45 crore and an offer for sale of up to 8,16,252 shares by promoter Sukumar Srinivas and up to 57,05,488 shares by Fairwinds Trustees Services (acting in the capacity of trustee of Reliance Alternative Investments Fund – Private Equity Scheme I)," the company said in its press release.

The issue, which will close on March 24, will constitute at least 25 percent of the post offer paid-up equity share capital of the company.

Shankara Building Products is the retailer of home improvement and building products in India based on number of stores, operating under the trade name Shankara BuildPro.

It operated 103 stores spread across 9 states and 1 union territory in India. It also provides customised solutions to enterprise customers through bespoke steel products, which is backward integrated through its own processing facilities in select building products.

Shankara has 11 processing facilities having a total installed capacity of 323,200 MTPA operating at an average capacity utilisation of 93.81 percent (annualised). It also has a robust logistics network which consisted of 56 warehouses.

Shankara Building said anchor investor issue period would be one working day prior to the offer opening date, i.e. March 21. Bids can be made for a minimum of 32 equity shares and in multiples of 32 equity shares thereafter.

Equity shares are proposed to be listed on National Stock Exchange of India and BSE. The book running lead managers to the issue are IDFC Bank, Equirus Capital and HDFC Bank.
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