Security and Intelligence Services has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise around Rs 500 crore through an initial public offering (IPO).
The public offer comprises fresh issue of shares worth Rs 362.25 crore and an offer for sale of up to 6,518,876 shares by the existing shareholders, as per the draft papers. The company had filed draft prospectus with Sebi in September and the markets regulator issued final observation on the IPO papers on January 12.
The company will use the issue proceeds for repayment of loan, funding working capital requirements and for general corporate purposes. The global coordinators and book running lead managers to the issue are Axis Capital, ICICI Securities, IIFL Holdings, and Kotak Mahindra Capital Company, while SBI Capital Markets, IDBI Capital Markets & Securities and Yes Securities (India) are merchant bankers to the issue.
