Antony Waste Handling Cell Limited (the "Company") filed its Draft Red Herring Prospectus ("DRHP") with the Securities and Exchange Board of India ("SEBI") for its proposed Initial Public Offering. The Offer comprises of fresh issue of upto Rs 985 Million ("Fresh Issue") and an Offer for Sale of upto 9,927,175 Equity Shares which comprises of upto 1,390,330 Equity Shares by Leeds (Mauritius) Limited, upto 2,085,510 Equity Shares by Tonbridge (Mauritius) Limited, upto 2,231,932 Equity Shares by Cambridge (Mauritius) Limited and upto 4,219,403 Equity Shares by Guildford (Mauritius) Limited (the "Selling Shareholders" and such Equity Shares Offered by the Selling Shareholders, the "Offered Shares") ("Offer For Sale").
Antony Waste Handling Cell Limited is one of the top five players in Indian Municipal Solid Waste (MSW) management industry with an established track record of more than 19 years, providing full spectrum of MSW services which includes solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities. The company:
- Has undertaken more than 25 projects as of August 31, 2020, of which 17 are ongoing and has one upcoming project;
- is among the select few players who have pioneered in both MSW collection and transportation sector;
- is among the key players in landfill construction and management sector with in-house expertise for construction and management of landfills in a scientific manner;
- is present in the emerging waste management areas in India such as MSW based WTE
The Company proposes to utilise the Net Proceeds towards funding the following objects:
- Part-financing for PCMC WTE Project through investment in Subsidiaries, AG Enviro Infra Projects Private Limited and Antony Lara Enviro Solutions Private Limited
- Reduction of the consolidated borrowings of the Company and Subsidiaries by infusing debt in our Subsidiary - AG Enviro Infra Projects Private Limited for repayment/ prepayment of portion of their outstanding indebtedness; and
- General corporate purposes (collectively, referred to herein as the "Objects")
The Book Running Lead Managers ("BRLMs") to the Offer are Equirus Capital Private Limited and IIFL Securities Limited. Link Intime India Private Limited is the registrar to the issue.
The Equity Shares are proposed to be listed on the BSE and NSE.
In terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR"), read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and disclosure Requirements) Regulations, 2018, (the "SEBI ICDR Regulations") and in compliance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs", the "QIB Portion"), provided that our Company and the Selling Shareholders, in consultation with the Book Running Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis ("Anchor Investor Portion'). At least one-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion. 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 Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net 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, shall only participate in the Issue through the Application Supported by Blocked Amount ("ASBA") process providing details of their respective bank account which will be blocked by the SCSBs. Anchor Investors are not permitted to participate in the Issue through the ASBA Process.
All capitalized terms not defined herein above shall have the same meaning as defined in the DRHP.