ARMEE INFOTECH LIMITED FILES DRHP WITH SEBI TO RAISE ₹ 250 CRORE THROUGH IPO
Armee Infotech Limited (“The Company” or “AIL”) has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The
Company plans to raise funds of the total issue size through Initial Public
Offering of Equity Shares (Face Value ₹ 10 each) comprising of fresh issue of equity shares aggregating up to ₹
25,000 lakhs [₹ 250 crore]. (“Total
Issue Size”).
The
Company is sector agnostic and provides IT Infrastructure solution and IT
managed service to a wide variety of projects for both Government/public sector
undertakings (PSUs) and private sector with a focus on Government/PSU projects
and a predominant presence in the state of Gujarat.
The
Company proposes to utilize the net proceeds from the Issue towards funding (i)
Augmentation of working capital requirements of the Company estimated up to ₹
16000 lakhs [₹ 160 crore] providing earnest money deposit for bidding for
various projects and margin deposits for bank guarantees, in Fiscal 2025 and
Fiscal 2026; (ii) Prepayment or repayment of certain outstanding borrowings
availed by the Company estimated up to ₹ 1,063.22 lakhs [₹ 10.63 crore]; and
balance towards General corporate purposes.
The
loans that we propose to repay from Net Proceeds (amounting to ₹ 1,063.22
lakhs) constitute 26.30% of the total outstanding borrowings of the Company as
on December 31, 2023.
The
Equity Shares to be offered through the Red Herring Prospectus are proposed to
be listed on the stock exchanges being BSE Limited (“BSE”) and National Stock
Exchange of India Limited (“NSE”
together with BSE, the “Stock Exchanges”).
Khandwala
Securities Limited and Saffron Capital Advisors Private Limited are the Book Running Lead Managers to the Issue
(“BRLMs”)
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