Harsha Engineers will finalise the share allotment by September 21
While the unsuccessful investors will receive funds in their bank accounts by September 22
The shares will be credited to demat accounts of eligible investors by September 23.
The company will open its maiden public issue for subscription on September 14, and the offer will close on September 16.
Harsha Engineers plans to garner Rs 755 crore through its public issue. The offer comprises a fresh issue of Rs 455 crore, which is 60 percent of the total offer size, and the rest of Rs 300 crore will be an offer for sale by promoters.
The price band for public issue has been fixed at Rs 314 to Rs 330 per share.
Half of the offer size is reserved for qualified institutional buyers (including anchor book), 15 percent for non-institutional investors, and the remaining 35 percent for retail investors.
The company will repay some debts through fresh issue money. Also the funds will be utilised towards purchase of machinery, and infrastructure repairs & renovation of existing production facilities including office premises in India, apart from general corporate purposes
Harsha Engineers claimed that it is the largest manufacturer of precision bearing cages, in terms of revenue in India, with approximately 50-60 percent of the market share in the organised segment of Indian bearing cages market and 6.5 percent of the market share in global organised bearing cages market for brass, steel and polyamide cages in CY21