13,107,339 Equity Shares of Mangalam Worldwide Limited are subject to a Lock-Up Agreement Ending on 7-JUL-2023.
July 06, 2023
Share
13,107,339 Equity Shares of Mangalam Worldwide Limited are subject to a Lock-Up Agreement Ending on 7-JUL-2023. These Equity Shares will be under lockup for 361 days starting from 11-JUL-2022 to 7-JUL-2023.
Details:
The Promoters have given written consent to include 4900135 Equity Shares subscribed and held by them as a part of Minimum Promotersâ Contribution constituting 20.00% of the post issue Paid-up Equity Shares Capital of the Company (âMinimum Promotersâ contributionâ) in terms of Sub-Regulation (1) of Regulation 236 of the SEBI (ICDR) Regulations, 2018 and have agreed not to sell or transfer or pledge or otherwise dispose of in any manner, the Minimum Promotersâ Contribution, and to be marked Minimum Promotersâ Contribution as locked-in. In terms of clause (a) of Regulation 238 of the SEBI (ICDR) Regulations, 2018, Minimum Promotersâ Contribution as mentioned above shall be locked-in for a period of three years from the date of commencement of commercial production or date of allotment in the Initial Public Offer, whichever is later.
In addition to Minimum Promotersâ Contribution which shall be locked-in for three years, the balance 5,982,539 Equity Shares held by Promoters shall be locked in for a period of one year from the date of allotment in the Initial Public Offer as provided in clause (b) of Regulation 238 of the SEBI (ICDR) Regulations, 2018.
In terms of Regulation 239 of the SEBI (ICDR) Regulations, 2018, the entire pre-issue capital held by the Persons other than the Promoters shall be locked in for a period of one year from the date of allotment in the Initial Public Offer. Accordingly, 7,124,800 Equity shares held by the Persons other than Promoters shall be locked in for a period of one year from the date of allotment in the Initial Public Offer.
Mangalam Worldwide Limited is an India-based sustainable stainless-steel (SS) manufacturer. The Company is mainly engaged in the business of manufacturing of SS billets and ingots, rolling of SS flat & round bars, seamless pipes & tubes, u- bend tubes and electric resistance welded (ERW) pipes and also trading steel scrap and ferro alloys. It manufactures a range of stainless steel in austenitic, ferritic, martensitic and special grades of duplex & super duplex, high alloy and precipitation hardening steel. The Company is carrying out the manufacturing with fully integrated infrastructure. Its Mangalam Saarloh branded products include continuous cast billets, bright round bars, bright square bars, bright hexagonal bars, forged & proof machined round bars, forged quality ingots, round cornered squares (RCS) bars and hot rolled round bars. Its Mangalam Tubicore branded products include seamless pipes, seamless heat exchanger tubes & u tubes, hot finish mother hollow, and welded pipes.