Modis Navnirman announces launch of initial public offering
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Modis Navnirman Ltd. has announced public offering of 1260000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 170.00 per share. The gross proceeds of the issue are expected to be Rs 2,268.00 lakhs. The company's initial public offer (IPO) will open on 23 June 2022 and is expected to close on 28 June 2022, subject to customary closing conditions.
The IPO includes a fresh Issue of 1260000 Equity Shares of the Company at an price of Rs 180.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 800 shares with bids in multiples of 800. Modis Navnirman Ltd. anticipates using the proceeds of the issue for Investment in subsidiary company – SMNPL for Repayment of its outstanding unsecured loans General Corporate Purpose. Aryaman Financial Services Ltd. as lead manager & Bigshare Services Private Limited. is the registrar, to the issue.
