The preliminary public supply (IPO) includes recent issuance of fairness shares value Rs 150 crore and a suggestion on the market (OFS) of 4,266,666 fairness shares by Banyantree Development Capital II, LLC, in response to the draft crimson herring prospectus (DRHP) filed with Sebi on Wednesday.
Proceeds of the recent challenge will probably be used for fee of sure borrowings, together with working capital loans, availed by the corporate and its subsidiaries and for common company goal.
The Kerala-based firm is a number one diversified automotive dealership within the nation with presence throughout the automotive retail worth chain, together with sale of latest passenger and business automobiles, companies and repairs, spare components distribution, sale of pre-owned passenger automobiles and facilitation of sale of third-party monetary and insurance coverage merchandise.
It operates passenger automobile dealerships of Maruti Suzuki, Honda and JLR and the business automobile dealership of Tata Motors.
Axis Capital,
and DAM Capital Advisors (previously IDFC Securities) have been appointed as service provider bankers to advise the corporate on the IPO.
The fairness shares of the corporate will probably be listed on the BSE and NSE.
