New Delhi:
Radiant Cash Management Services today said it has set a price range of Rs 94 to Rs 99 per share for its IPO of Rs 388 crore.
The initial share sale will be open for public subscription between Dec. 23 and Dec. 27, the company said in a statement.
The IPO includes a new share issue worth up to Rs 60 crore and an offering for sale (OFS) of 33,125,000 shares by promoter David Devasahayam and private equity firm Ascent Capital Advisors India.
By 2015, Ascent Capital had acquired a 37.2 percent stake in the company.
Based on the share price cap, the IPO is expected to raise Rs 388 crore.
Proceeds from the new issue component will be used to fund working capital requirements and capital expenditures for the purchase of specially-manufactured armored vans, the Chennai-based company said.
Investors can bid on a minimum of 150 shares and then in multiples of 150 shares.
IIFL Securities Limited, Motilal Oswal Investment Advisors Limited and Yes Securities (India) Limited are the lead managers of the offering.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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