MSTC Limited’s IPO to open on Wednesday, March 13, 2019, with Price Band of Rs. 121 – Rs. 128 per Equity Share each of Face Value of Rs. 10 each

MUMBAI, March 11, 2019: MSTC Limited (“Company”), will be launching its initial public offering (“IPO” or the “Offer”) which is scheduled to open on Wednesday, March 13, 2019 and close on Friday, March 15, 2019, with a price band of Rs. 121– Rs. 128 per Equity Share of face value of Rs. 10 each of the Company (the “Equity Shares”).

The IPO comprises of up to 17,670,400 Equity Shares of the Company through an Offer for Sale by the President of India, acting through the Ministry of Steel, Government of India (the “Selling Shareholder”). The offer includes a reservation of up to 70,400 Equity Shares for Eligible Employees for allocation and allotment on a proportionate basis (“Employee Reservation Portion”).

This Offer is being made in terms of rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“SEBI ICDR Regulations”). The Offer is being made through Book Building Process in terms of Regulation 6(2) of the SEBI ICDR Regulations, wherein not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Portion”). 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.

Further, not more than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, upto 70,400 additional Equity Shares has been reserved for allocation and Allotment on a proportionate basis to Eligible Employees bidding in the Employee Reservation Portion, subject to valid bids being received from them at or above the Offer Price. All Bidders, shall mandatorily participate in the Offer through an Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank account in which Bid Amount will be blocked and Retail Individual Bidder and Eligible Employees shall also have an option to apply through UPI Mechanism. For details, please refer to the section titled “Offer Procedure” beginning on page 286 of the Red Herring Prospectus.

The Company will not receive any proceeds from the Offer and all proceeds shall go to the Selling Shareholder i.e. President of India, acting through the Ministry of Steel, Government of India.

The Offer and the Net Offer will constitute 25.10% and 25.00% respectively, of the post Offer paid-up Equity Share capital of the Company.

Equirus Capital Private Limited is the Book Running Lead Manager (“BRLM”) to the Offer.

 The Equity Shares of MSTC Limited are proposed to be listed on BSE and the NSE.