BVG India files preliminary papers for IPO
Besides the fresh issue, there will be offloading of up to 71,96,214 shares through the offer-for-sale (OFS) route.
Integrated services company BVG India Ltd has filed preliminary papers for an initial share sale that will include a fresh issue worth up to Rs 200 crore.
Besides the fresh issue, there will be offloading of up to 71,96,214 shares through the offer-for-sale (OFS) route.
According to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi), Rs 180 crore out of the Rs 200-crore proceeds from the fresh issue will be utilised for repayment of certain borrowings. The remaining fresh issue amount will be used for general corporate purposes.
A significant part of the OFS will be from private equity investor 3i Group.
The company will also consider a private placement of shares worth up to Rs 40 crore prior to the filing of the red herring prospectus with the RoC (Registrar of Companies).
If the pre-IPO (initial public offering) placement is completed, the size of the fresh issue will be reduced, as per the DRHP.
The company offers a range of integrated services, including mechanised housekeeping, industrial housekeeping, manpower supply and security services.
ICICI Securities Ltd, JM Financial Ltd and HSBC Securities & Capital Markets (India) Pvt Ltd are the book running lead managers to the issue.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Tata Motors, Muthoot Finance and 3 more: Axis Direct recommends buying these stocks for 2 weeks; check targets, stop losses
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
07:56 PM IST