Transformers and Rectifiers (India) Limited, (the “Company”), one of the major players in the Indian market manufacturing a wide range of transformers ranging from power generation, transmission and distribution transformers, industrial and specialty transformers, has filed its Red Herring Prospectus (“RHP”) with the Registrar of Companies in Ahmedabad for its initial public offering (“IPO”) of 2,995,000 Equity Shares of Rs 10 each for cash at a premium to be decided through a 100% Book-Building Process (the “Issue”). The Price Band has been fixed between Rs 425 and Rs 465 per Equity Share. The Issue has been graded by Credit Analysis & research Limited (“CARE Limited”) and has been assigned the “CARE IPO Grade 4” indicating above average fundamentals. For rational please refer to the Red Herring Prospectus (“RHP”).

The Issue includes a reservation of 150,000 Equity Shares for eligible employees and a Net Issue to the Public of 2,845,000 Equity Shares. The Issue will constitute 23.17% of the fully diluted post-issue paid-up capital of the Company and the Net Issue will constitute 22.01% of the fully diluted post issue paid-up capital of the Company. The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).

The Company manufactures a wide range of transformers while focusing on quality, timely delivery and customization. It has developed its products based on its in-house design and engineering capabilities. It is perhaps one of the few players to have developed this wide range without any third party technical collaboration or assistance. Its core competencies is its in-house technical and design expertise, skilled workforce and well equipped manufacturing facilities which enables it to manufacture a wide range of transformers, to meet diverse client requirements. The objects of the proposed Issue are to part finance the setting up of the proposed greenfield manufacturing facility at Moraiya, near Ahmedabad, Gujarat, for manufacturing transformers and to part-finance incremental working capital requirements.

Enam Securities Private Limited is the sole Book Running Lead Manager (“BRLM”) to the Issue.

Note:

The Company is proposing, subject to market conditions and other considerations, an initial public offering (“IPO”) of its equity shares and has filed a Red Herring Prospectus (“RHP”) with the Registrar of Companies in Ahmedabad. The RHP is available on the website of the SEBI at www.sebi.gov.in, and on the website of the BRLM at www.enam.com. Investors should note that investment in Equity Shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the Red Herring Prospectus before making an investment decision. This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from registration.

- End -