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( As on 24/04/2019 14:40) Evans Electric announces launch of initial public offering

Evans Electric Ltd. has announced public offering of 372000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 42.00 per share. The gross proceeds of the issue are expected to be Rs 193.44 lakhs.

The company's initial public offer (IPO) will open on 30 April 2019 and is expected to close on 03 May 2019, subject to customary closing conditions.

The IPO includes a fresh Issue of 372000 Equity Shares of the Company at an price of Rs 52.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 2000 shares with bids in multiples of 2000.

Evans Electric Ltd. anticipates using the proceeds of the issue for • To Meet Working Capital Requirements,• General Corporate purpose and,• To Meet the Issue Expenses.

HEM SECURITIES LTD. as lead manager & Bigshare Services Pvt Ltd. is the registrar, to the issue.
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