Quadrant Future Sets Price Band

New Delhi: Quadrant Future Tek Ltd on Friday said it has fixed the price band at Rs 275-290 per equity share for its Rs 290-crore initial public offering (IPO) that will open for public subscription on January 7.

The IPO of Quadrant Futures Tek will conclude on January 9, while the bidding for anchor investors is to open for a day on January 6, the company said in a statement. Investors can bid for a minimum of 50 equity shares and in multiples of 50 equity shares thereafter, it added.

The public issue is entirely a fresh issue of up to Rs 290 crore with no offer of sale component, according to the Red Herring Prospectus (RHP) filed on December 27. The net proceeds from its fresh issuance, amounting to Rs 149.72 crore, will be utilised by the company to fund the long-term working capital requirements (Specialty Cable Division).