Pennar Engineered Building Systems IPO to open on August 25

Moneycontrol BureauPennar Engineered Building Systems will open its public issue for subscription on August 25, which is scheduled to be closed on August 29, 2015. The price band is fixed at Rs 170-178 apiece.

The issue consists of a fresh issue of Rs 58 crore and an offer for sale of up to 55,16,141 equity shares by the selling shareholders.

Pennar Engineered Building Systems, a subsidiary of Pennar Industries (manufacturer of engineering products), is a custom designed building systems solutions provider. Its capabilities include designing, manufacturing, supply and assembly of custom designed building systems.

The issue proceeds will be used for repayment in full or part of certain working capital facilities; financing the procurement of infrastructure (including software and hardware) for the expansion of design and engineering services; and general corporate purposes.

Major shareholders are Pennar Industries (66.85 percent stake), Zephyr Peacock India Fund III (12.51 percent), Zephyr Peacock India III (5.62 percent), Aditya Narsing Rao (2.79 percent), Joginapalli Rajyalakshmi Rao (2.5 percent) etc, as per its DRHP filed with SEBI.

Motilal Oswal Investment Advisors Private Limited, Axis Capital Limited and Karvy Investor Services Limited are the book running lead managers; and Karvy Computershare Private Limited is the registrar to the issue.Posted by Sunil Shankar Matkar