24 News Hour-News Matters
24 News Hour-News Matters
  • Home
  • Business
  • Education
  • Entertainment
  • News Update
  • Others
    • Technology
    • Health & Lifestyle
  • Privacy Policy
  1. Home
  2. Business
  3. Azad Engineering secures Rs 221 crore from anchor investors
Business

Azad Engineering secures Rs 221 crore from anchor investors

 Azad Engineering secures Rs 221 crore from anchor investors

Azad Engineering Ltd on Tuesday said it has collected Rs 221 crore from anchor investors a day before its Initial Public Offering (IPO). The company has allotted 42.14 lakh equity shares to 20 funds at Rs 524 apiece, which is also at the upper end of the price band, according to a circular uploaded on the BSE website.  

At this price, the company has mobilised Rs 220.8 crore, it showed.  

The investors that participated in the anchor book include Abu Dhabi Investment Authority, Nomura, Max Life Insurance Company, HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, Nippon India Mutual Fund (MF), ICICI Prudential MF, Tata MF, Edelweiss MF, and Bandhan MF.  

The Hyderabad-based firm’s IPO comprises a fresh issue of up to Rs 240 crore and an Offer For Sale (OFS) of equity shares aggregating up to Rs 500 crore by a promoter and investors.

The OFS consists of sale of equity shares aggregating up to Rs 170 crore by promoter Rakesh Chopdar, Rs 280 crore by Piramal Structured Credit Opportunities Fund, and Rs 50 crore by DMI Finance.  

The issue, with a price band of Rs 499-524 a share, would open for public subscription during December 20-22.  

Proceeds from the fresh issue will be used for funding capital expenditure of the company, payment of debt, and general corporate purposes.  

Azad Engineering supplies products to global original equipment manufacturers (OEMs) in the aerospace and defence, energy, and oil and gas industries.  

The company’s customers include General Electric, Honeywell International Inc., Mitsubishi Heavy Industries, Siemens Energy, Eaton Aerospace, and MAN Energy Solutions SE.

The equity shares of the company are proposed to be listed on the BSE and the NSE.

Previous post
Next post

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • BOOK DIRECT ON AIR INDIA EXPRESS – UP TO 20% OFF, ZERO CONVENIENCE FEE, AND EXTRA OFFERS
  • Kerala Urban Conclave to be held in Kochi on September 12-13
  • Media statement – Hinduja Group
  • Quote || Tax Slab on Appliances || Mr. Kamal Nandi, Business Head and EVP at Appliances Business of Godrej Enterprises Group 
  • Quote on behalf of Rakesh Jain, CEO, Reliance General Insurance
Latest News
Business

BOOK DIRECT ON AIR INDIA EXPRESS – UP TO 20%

September 13, 2025
Business

Kerala Urban Conclave to be held in Kochi on September

September 8, 2025
Business

Media statement – Hinduja Group

September 8, 2025
Business

Quote || Tax Slab on Appliances || Mr. Kamal Nandi,

September 8, 2025
Copyright © 2025 Qoxag. All Right Reserved.