ICICI Securities Limited ('I-Sec') has announced the successful closure of the Rights Issue of Spencer's Retail Limited ('Spencer's). Spencer's is one of the leading multi-format omni-channel retailer in India.
Highlights of the Transaction:
The Company will use the proceeds to meet the Working Capital requirement.
- I-Sec was appointed as the Sole Banker and successfully coordinated the requisite SEBI / Stock Exchanges documentation and secured permissions within intended timelines.
- I-Sec was able to meet timelines for rights issue with full disclosures of Part A of the SEBI ICDR similar to that of IPO.
- The transaction was a Rights Issue of fully paid-up equity shares (in the ratio of 2:15) to raise an amount aggregating to INR 794.8 million.
- I-Sec worked closely with the Spencer's group and played a key role in formulating a suitable marketing strategy to reach out to institutional and non-institutional investors, despite the nation-wide lockdown due to covid-19 pandemic.
- I-Sec secured early investor feedback to help structure the product and pricing.
- I-Sec worked very closely with all the large institutional and non-institutional investors for a seamless transaction.
- Due to its strong domain knowledge, I-Sec was able to generate strong interest amongst shareholders leading to an oversubscription of 1.09x.
- I-Sec comprehensively marketed the issue through its ICICI Direct online portal to its retail customers using various latest digital marketing tools to generate the desired investor traction, procuring 28% of total retail applications.
With this deal completion, ICICI Securities continues to demonstrate its ability to guide its clients through unprecedented times and successfully conclude transactions in a challenging market environment.
Shares of ICICI Securities Ltd was last trading in BSE at Rs.467.5 as compared to the previous close of Rs. 478.2. The total number of shares traded during the day was 21821 in over 1277 trades.
The stock hit an intraday high of Rs. 473.2 and intraday low of 460. The net turnover during the day was Rs. 10163375.
Shares of Spencers Retail Ltd was last trading in BSE at Rs.80.3 as compared to the previous close of Rs. 78.65. The total number of shares traded during the day was 124614 in over 1999 trades.
The stock hit an intraday high of Rs. 82.65 and intraday low of 79. The net turnover during the day was Rs. 10107103.