Description

Rajputana Stainless Limited and its BRLM have withdrawn the Anchor Investor allocation in their IPO as the minimum number of required Anchor Investors did not participate, reverting to Pre-Anchor category-wise allocation.

Summary

Rajputana Stainless Limited (CIN: U27109GJ1991PLC015331) and its Book Running Lead Manager (BRLM) have formally withdrawn the Anchor Investor allocation in their ongoing initial public offering. The withdrawal is due to the minimum number of required Anchor Investors, as mandated under SEBI (ICDR) Regulations 2018, not participating in the Offer. The category-wise allocation will revert to the Pre-Anchor stage structure.

Key Points

  • Rajputana Stainless Limited is conducting a public offer of up to 2,09,00,000 equity shares of face value ₹10 each
  • The offer comprises a fresh issue of up to 1,46,50,000 equity shares and an Offer for Sale of up to 62,50,000 equity shares
  • The offer is through the book-building route
  • The minimum number of Anchor Investors required under Regulation 10 of Schedule XIII of SEBI (ICDR) Regulations, 2018 did not participate
  • Both the BRLM and the Company have decided not to proceed with Anchor Investor allocation
  • The earlier Anchor Investor allocation letter stands withdrawn
  • Category-wise allocation shall revert to the Pre-Anchor stage as per applicable SEBI (ICDR) Regulations, 2018
  • The letter was addressed to NSE (MSD - Non Continuous Markets Group) and BSE (Dept. of Listing Operations)

Regulatory Changes

No new regulatory changes are introduced. The circular references compliance with Regulation 10 of Schedule XIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, which prescribes the minimum Anchor Investor participation requirements for a public offer.

Compliance Requirements

  • BSE and NSE are requested to take on record the withdrawal letter and the revised allocation letter
  • The earlier Anchor Investor allocation letter is formally withdrawn
  • The Offer will proceed with category-wise allocation as applicable at the Pre-Anchor stage per SEBI (ICDR) Regulations, 2018
  • No additional compliance action is required from market participants beyond acknowledgment of the revised allocation structure

Important Dates

  • March 06, 2026: Date of withdrawal letter submitted to BSE and NSE
  • The IPO subscription timeline remains subject to the original offer schedule (not specified in this circular)

Impact Assessment

The withdrawal of Anchor Investor allocation may signal reduced institutional interest in the Rajputana Stainless Limited IPO at the anchor stage. However, the IPO itself is not cancelled and will proceed with the Pre-Anchor allocation structure. Retail and non-institutional investors are unaffected in terms of their allocation categories. The absence of anchor investors could influence retail and HNI sentiment toward the issue. The revised allocation reverts to the standard pre-anchor distribution as per SEBI ICDR norms, maintaining regulatory compliance for the offer.

Impact Justification

This circular affects the IPO structure of Rajputana Stainless Limited by withdrawing anchor investor allocation, which may signal lower institutional interest but does not cancel the IPO. Reverts allocation to Pre-Anchor stage per SEBI ICDR Regulations.