Nihilent Technologies has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO comprises fresh issuance of shares worth up to Rs 250 crore, besides an offer of sale of around 21,25,599 equity stocks by promoter group entity Vastu IT.
The funds will be utilized towards replacement and upgradation activities to fund inorganic growth and for setting up of a user experience laboratory as well as a media laboratory among others. Motilal Oswal Investment Advisors is the sole book running lead manager to the issue. The company’s shares are proposed to be listed on the BSE and NSE.
Nihilent is a Pune-based consulting and information technology (IT) solutions integration firm.
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