MUMBAI: The Begnaluru-based Ajax Engineering, the largest manufacturer of self-loading concrete mixers and other machineries in the concrete mixing segment with around 75% market share, has fixed ₹ 599-629 as the price-band for its Rs 1,740-crore offer for sale (OFS) only share sale process that opens next Monday.
The promoters and the external investor Kedaara Capital which owns 6.5% since 2019 will sell 20.18 million shares of Re 1 face value thorough the offer for sale. While Kedaara will exit the company through the OFS, the promoters led by Krishnaswamy Vijay, the founder chairman will sell around 3% of his 48.5% holding, and another key promoter Jacob Jiten John and his family will collectively will sell almost 17% of their 45% shares in the company.
Other promoters selling through the OFs include Kalyani Vijay, up to 22,88,136 shares; Jacob Hansen Family Trust up to to 5,593,221 shares, and Susie John up to 1,430,085 shares, chairman told TNIE here Wednesday.
Ajax, which in Greek means strength or valor, was set up by Vijay and two others who were with Larsen & Toubro in 1992 and had a revenue of Rs 1,740 crore in FY24 from which it earned Rs 228 crore in net income.
The company earns almost 85% of its revenue from self-loading concrete mixes and almost 55% of them domestic markets and 26% from exports.