ASK sets price band; Old Bridge Capital files papers for MF offering

Old Bridge Capital Management, which rece­ived the mutual fund licence in September, has filed papers with Sebi for its first scheme

ASK Automotive sets price band at Rs 268-282 per share

ASK Automotive has set a price band of Rs 268-282 per share for Rs 834-crore maiden share sale. The initial public offering (IPO) will remain open between November 7 and November 9. Through the IPO, promoters Kuldip Rathee and Vijay Rathee will pare their holdings, while ASK is not looking to issue any new shares. At the top-end of the price band, ASK is valued at Rs 5,560 crore. For the three months ended June 2023, the company had reported net profit of Rs 35 crore on revenues of Rs 658 crore. ASK is the largest manufacturer of brake-shoe and advanced braking systems for two-wheelers in India with a market share of about 50 per cent during FY23. At the upper end of the price band, the IPO is expected to fetch Rs 833.91 crore. Half of the issue has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 10 per cent for institutional investors.

Old Bridge Capital files papers for maiden MF offering
 

 

Old Bridge Capital Management, which rece­ived the mutual fund licence in September, has filed papers with the Securities and Exchange Board of India (Sebi) for its first scheme. According to the filing, the focused equity scheme will invest in a maximum of 30 stocks and will follow the multicap strategy wherein it will invest in stocks across the market capita­lisation. The product will be benchmarked against S&P BSE 500 TRI.