The OFS was announced after market hours on Monday (23 November 2020) and the floor price for the OFS was set at Rs 578.60 per share, a 12% discount to Ingersoll-Rand's closing price of Rs 657.50 on Monday.

The OFS opened on Tuesday (24 November 2020) for non-retail investors, while both retail as well as non-retail investors were allowed to bid on Wednesday (25 November 2020).

Through the OFS, the company's promoter offered 14,25,798 shares, constituting 4.52% paid-up share capital of the company. A total of 10% of the offer size, aggregating to over 1,42,580 shares, were reserved for retail investors.

On T day and T+1 day, the non-retail portion received bids for 35,08,897 shares as against 12,83,218 shares set aside for non-retail investors. The company allotted shares to the non-retail investors at Rs 606.25 each, a premium of 4.78% to the floor price of Rs 578.60 per share.

On T+1 day, the retail portion received bids for 18,76,978 shares as against 1,42,580 shares reserved for retail investors. Retail investors will be allocated offers shares at a discount of 12% to the cut off price in accordance with the SEBI OFS circulars.

Ingersoll-Rand (India) is primarily engaged in the business of manufacturing and sale of industrial air compressors of various capacities and related services, and its complete machines and spare parts.

The company's net profit declined by 19.5% to Rs 18.30 crore on a 13.5% fall in net sales to Rs 148.19 crore in Q2 FY21 over Q2 FY20.