Vraj Iron And Steel Limited Initial Public Offer to Open on June 26, 2024

• Price Band fixed at ₹ 195 to ₹ 207 per equity share of face value of ₹ 10 each (“Equity Share”);

•  Bid /Issue will open on Wednesday, June 26, 2024 and close on Friday, June 28, 2024. The Anchor Investor Bidding Date shall be Tuesday, June 25, 2024.

• Bids can be made for a minimum of 72 Equity Shares and in multiples of 72 Equity Shares thereafter

Bhubaneswar: Vraj Iron and Steel Limited (“VISL” or the “Company”), shall open its Bid / Issue in relation to its initial public offer of Equity Shares on Wednesday, June 26, 2024.

The total issue size of Equity Shares of face value ₹ 10 each aggregated up to ₹  1,710 million [₹   171 crore] comprises of fresh issue (The “Fresh Issue”).

The Anchor Investor Bidding Date shall be Tuesday, June25, 2024.  The Bid/Issue will close for subscription on Friday, June 28, 2024.

The Price Band of the Issue has been fixed at ₹ 195 to ₹ 207 per Equity Share. Bids can be made for a minimum of 72 Equity Shares and in multiples of 72 Equity Shares thereafter. (The “Price Band”).

The Company proposes to utilize net proceeds towards funding for (i) Capital Expenditure towards the “Expansion Project” at Bilaspur Plant estimated to be ₹ 1,645 million [₹ 164.50 crore] and (ii) balance amount towards General corporate purpose. (The “Object of the Issue”)

The capital expenditure estimated to be ₹ 1,645 million [₹ 164.50 crore] towards Capital expenditure for the “Expansion Project” at Bilaspur Plant. The Company has already deployed ₹ 700 million [₹ 70 crore] from loan from HDFC Bank which is proposed to be repaid from net proceeds of the IPO. For the balance amount of ₹ 945 million [₹ 94.5 crore] the Company has already deployed ₹  320 million [₹ 32.00 crore] from internal accrual and further wish to deploy ₹  30 million [₹ 3.00 crore] from internal accruals. The rest of the ₹ 595 million [₹ 59.5 crore] is further to be funded from the net proceeds of the IPO in FY 2024-25.

The Equity Shares are being offered through the Red Herring Prospectus of the Company dated June 18, 2024 filed with the Registrar of Companies, Chhattisgarh.  (The “RHP”)

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”). For the purposes of the Issue, BSE is the Designated Stock Exchange. (The “Listing Details”)

Aryaman Financial Services Limited is the Book Running Lead Manager

This Issue is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI ICDR Regulations”).

The Issue is being made for at least 25% of the post-Issue paid-up Equity Share capital of our Company. This Issue is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion the “QIB Portion”), provided that our Company in consultation with the BRLM may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with SEBI ICDR Regulations (“Anchor Investor Portion”).

One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. Further, 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Issue Price.

Further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders out of which (a) one third of such portion shall be reserved for applicants with application size of more than ₹ 200,000 and up to ₹ 1,000,000 and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹ 1,000,000 provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders and not less than 35% of the Issue shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations subject to valid Bids being received at or above the Issue Price.

All Potential Bidders, other than Anchor Investors, are required to participate in the Issue by mandatorily utilizing the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account and UPI ID in case of UPI Bidders using the UPI Mechanism, as applicable, pursuant to which their corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Banks under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Issue through the ASBA process. For details, see “Issue Procedure” on page 391 of the Red Herring Prospectus.

All capitalised terms used herein and not specifically defined have the same meaning as ascribed to such terms in the RHP