Rites Ltd. announces launch of initial public offering

13/06/2018 13:02

Rites Ltd. has announced public offering of 25200000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 175.00 per share. The gross proceeds of the issue are expected to be Rs 46,620.00 lakhs.

The company's initial public offer (IPO) will open on Wednesday, June 20, 2018 and is expected to close on Friday, June 22, 2018, subject to customary closing conditions. The price band of the issue has been fixed at Rs 180.00-185.00 per share.

The IPO includes a fresh Issue of 25200000 Equity Shares of the Company at an price of Rs 185.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 80 shares with bids in multiples of 80.

Elara Capital (India) Private Limited,IDBI Capital Markets & Securities Limited,SBI Capital Markets Ltd.,IDFC Bank Ltd. as lead manager(s) & LINK INTIME INDIA PRIVATE LIMITED is the registrar, to the issue.