The offer includes a reservation of up to 500,000 equity shares for subscription by eligible employees (as defined in Red Herring Prospectus) (“Employee Reservation Portion”). The offer-less employee reservation portion is referred to as the net offer. The offer and the net offer will constitute 10.53 per cent and 10.00 per cent of the post offer paid-up equity share capital of the company respectively. The Bid/Offer Period closes on September 19, 2018. A discount of Rs 10 per Equity Share on the Offer Price shall be offered to the Retail Individual Bidders (“Retail Discount”) and a discount of Rs 10 per Equity Share on the Offer Price shall be offered to the Eligible Employees bidding in the Employee Reservation Portion (“Employee Discount”).
The Price Band for the Offer is from Rs 470 to Rs 475 per Equity Share. Bids can be made for a minimum lot of 30 Equity Shares and in multiples of 30 Equity Shares thereafter.
The Equity Shares are proposed to be listed on BSE and NSE.
The Book Running Lead Managers (“BRLMs”) to the Offer are IDBI Capital Markets & Securities, Axis Capital and SBI Capital Markets.
The Offer is being made in terms of Rule 19(2)(b)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 41of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“SEBI ICDR Regulations”) wherein at least 10 per cent of the post-Offer paid-up Equity Share capital of the Company will be offered to the public. The Offer is being made through the Book Building Process in accordance with Regulation 26(1) of the SEBI ICDR Regulations, wherein 50 per cent of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIB Portion”). Such number of Offered Shares representing 5 per cent of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5 per cent of the QIB Portion, the balance Offered Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.
Further, not less than 15 per cent of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35 per cent of the Net Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Further, up to 500,000 Equity Shares shall be offered for allocation and Allotment to the Eligible Employees Bidding in the Employee Reservation Portion, conditional upon valid Bids being received from them at or above the Offer Price. All Bidders shall participate in the Offer mandatorily through the Applications Supported by Blocked Amount (“ASBA”) process by providing the details of their respective ASBA Accounts in which the corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”).
IRCON International (IRCON) is an integrated Indian engineering and construction company, specializing in major infrastructure projects, including, railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities. IRCON provides EPC services on a fixed-sum turnkey basis as well as on an item-rate basis for various infrastructure projects. It also executes on build, operate and transfer mode in various projects in order to meet the requirements of its bids.
In 2016, IRCON was ranked number 248 in the list of the top 250 international contractors by Engineering News Record (ENR) of the United States. Headquartered in Saket, New Delhi, IRCON also has an overseas office in Malaysia. Additionally, it has 26 project offices in India and abroad (including in Sri Lanka, Bangladesh, South Africa and Algeria) and five regional offices to support and manage its business operations.
IRCON’s reputation for quality, commitment and consistency in terms of performance, as well as its local, regional and international presence, has allowed it to service the growing infrastructure needs throughout India. IRCON’s Order Book as of a particular date, comprises of the anticipated revenues from uncompleted portions of existing contracts (signed contracts for which all pre-conditions to entry have been met, including letters of intent issued by the client). As of March 31, 2018, IRCON had an Order Book of?224,067.90 million.
Since IRCON commenced operations in 1976, it has serviced a diverse range of infrastructure and construction projects, and while its primary focus and strength are still deeply rooted in the railway sector, it has since diversified progressively into other transport and infrastructure segments, such as highway and road construction, and expanded its geographical coverage to many countries around the world.