Adlabs extends IPO closing date, revises price band

 

 Adlabs Entertainment on Thursday has extended a closing date for its Rs 470-crore public issue by three more days. The issue, which was supposed to close today, will remain opened till March 17.

(Money Control) Adlabs Entertainment on Thursday has extended a closing date for its Rs 470-crore public issue by three more days due to lukewarm response. The issue, which was supposed to close today, will remain opened till March 17, reports CNBC-TV18. Not only that, the company (which runs an amusement park - Adlabs Imagica) also revised price band to Rs 180-215 apiece from Rs 221-230 earlier. The issue has been subscribed 43 percent (16 hours IST) today, as per data available on exchange website. The 203.26 lakh equity shares IPO, which was opened for subscription on March 10, consists of a fresh issue of 183.26 lakh shares and an offer for sale of 20 lakh shares by Thrill Park. Adlabs, promoted by Manmohan Shetty (the former promoter of Adlabs Films) and Thrill Park, intends to utilise the net proceeds (fresh issue money) for partial repayment or pre-payment of the consortium loan and general corporate purposes. Consortium loan stood at Rs 1,100 crore and the company will use Rs 330 crore for repayment of this loan. Post issue, the promoters shareholding will decrease to 57 percent from 77 percent. Adlabs, on March 9, raised Rs 60.16 crore by finalising allocation of 27,22,135 equity shares to anchor investors like Daiwa India Stock Active Mother Fund, HDFC Infrastructure Fund, Axis Mutual Fund, L&T Mutual Fund and IL&FS Trust Co (Forefront Alternative Equity Scheme) at Rs 221 per equity share. The minimum bid lot is 65 equity shares and in multiples of 65 equity shares thereafter. The issue constitutes 25.44 percent of the post-issue paid-up equity share capital of the company. The company offered a discount of Rs 12 on the issue price to retail individual bidders. The equity shares are proposed to be listed on BSE and NSE. The global co-ordinators & lead managers to the issue are Deutsche Equities India Private Limited, Centrum Capital Limited & Kotak Mahindra Capital Company Limited.

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