Navi Technologies has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 3,350 crore through an initial public offering (IPO). The company was issued the 'observation letter' by Sebi on September 5. In Sebi's parlance, issuance of observation letter implies its go-ahead to float an IPO.The company had filed its Draft Red Herring Prospectus (DRHP) with the regulator in March this year.
Proceeds of the IPO will be used to invest in subsidiaries -- Navi Finserv (NFPL) and Navi General Insurance (NGIL) -- and for general corporate purposes. Axis Capital is the coordinating Lead Manager for the offer.
Navi Technologies is a tech-driven financial products and services company. Since the company's incorporation, it has expanded offerings under the ‘Navi’ brand to include personal loans, home loans, general insurance and mutual funds.
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