Tag: offer-for-sale

Radiant Cash Management Services file draft papers for IPO, BFSI News, ET BFSI

Personal Finance

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Radiant Cash Management Services has filed the preliminary papers with markets regulator Sebi for an initial share sale that includes fresh issue of stocks worth up to Rs 60 crore. The Chennai-based company, an integrated cash logistics player with leading presence in retail cash management segment, will mainly utilise the fresh issue proceeds from the initial public offering (IPO) towards funding working capital and capital expenditure requirements.

The IPO comprises fresh issue of shares worth up to Rs 60 crore and an offer for sale (OFS) of 3 crore shares by promoter Col. David Devasahayam and private equity firm Ascent Capital Advisors India, according to the draft red herring prospectus (DRHP).

In 2015, Ascent Capital had acquired 37.2 per cent stake in the company.

Out of the fresh issue proceeds, Rs 20 crore will be used for funding working capital requirements and Rs 23.92 crore for capital expenditure requirements for purchase of specially fabricated armoured vans.

IIFL Securities Limited, Motilal Oswal Investment Advisors Limited and Yes Securities (India) Limited are the book running lead managers to the issue.

At least four companies have filed draft papers for IPOs in the last two weeks. With the stock market witnessing a bull run, many companies are tapping the IPO route to raise funds.

In the first nine months of this year, as many as 72 companies have come out with their IPOs. PTI RAM ANS ANS



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Jana SFB files DRHP – The Hindu BusinessLine

Banking & Finance

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Jana Small Finance Bank has filed its draft red herring prospectus (DRHP) and is looking to raise ₹700 crore of capital through a fresh issue of shares as part of its initial public offering.

Additionally, the IPO will also include an offer-for-sale of up to 92.53 lakh equity shares from existing shareholders. These include Alpha TC Holdings, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance, ICICI Prudential Life Insurance, Badri Narayan Pilinja and Vallabh Bhanshali.

Also read: Jana SFB: Disbursements almost normal, only micro finance loans lagging

Jana SFB may also consider a pre-IPO placement of up to ₹500 crore, including by way of a proposed further issue to its promoters for an amount up to ₹400 crore and a further issue of equity shares for the remaining amount to the promoters and other investors, the DRHP said.

“We intend to utilise the net proceeds to augment our bank’s Tier-I capital base to meet future capital requirements, which are expected to arise out of growth in our bank’s assets, primarily advances and investment portfolio, and to ensure compliance with applicable RBI regulations and guidelines,” it further said.

Bengaluru-based Jana SFB is one of the 10 entities that had started SFB operations.

The Reserve Bank of India (RBI) guidelines require SFBs to list within three years of their net worth reaching ₹500 crore.

For the half year ended September 30, 2020, Jana SFB reported net profit of ₹82.43 crore.

The book running lead managers for the IPO are Axis Capital, ICICI Securities, SBI Capital Markets and KFin Technologies.

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