CL Educate Limited (the “Company” or “Issuer”) proposes to open on Monday, 20th March 2017, an initial public offering of up to 4,760,000 equity shares of face value of Rs. 10 each (the “Equity Shares”) for cash at a premium (the “Offer”) consisting of a fresh issue of 2,180,119 Equity Shares (the “Fresh Issue”) and an offer for sale up to 2,579,881 Equity Shares by the Selling Shareholders including up to 974,000 Equity Shares by certain of the Company’s Promoters and Members of the Promoter Group (the “Offer For Sale”). The Offer will close on Wednesday, 22nd March 2017.
The Price Band for the Offer is fixed from Rs. 500 to Rs. 502 per Equity Share. The Offer will constitute 33.61% of the post Offer paid-up Equity Share capital of the Company.
The sole Book Running Lead Manager (“BRLM”) to the Offer is Kotak Mahindra Capital Company Limited.
The Company may, in consultation with the BRLM consider participation by Anchor Investors. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Offer Opening Date. The Company in consultation with the BRLM may decide to close the Bid/Offer Period for QIBs one Working Day prior to the Bid/Offer Closing Date. Bids can be made for a minimum of 29 Equity Shares and in multiples of 29 Equity Shares thereafter.
The Offer is being made through the Book Building Process, in compliance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“SEBI ICDR Regulations”), where 50% of the Offer will be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Category”), provided that our Company may, in consultation with the BRLM allocate up to 60% of the QIB Category to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Offer Price. Further, 5% of the QIB Category (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder shall be available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. Further, not less than 15% of the Offer will be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Offer will be available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Investors (except Anchor Investors) can participate in this Offer only through the ASBA process.
The Equity Shares offered through the Red Herring Prospectus dated March 8th, 2017 (“RHP”) are proposed to be listed on the National Stock Exchange of India Limited and the BSE Limited.