IndoStar Capital Finance's initial public offering will open for subscription on 9 May.
The non-banking financial company is expected to raise around Rs2,000 crore through the IPO. The IPO comprises sale of new shares worth Rs700 crore and a sale of 20 million shares by existing shareholders. IndoStar plans to use the proceeds of the IPO to augment its capital base.
"Our company proposes to utilize the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements," the company said in its IPO document.
Investment banks JM Financial, Kotak Mahindra Capital Co., Morgan Stanley India Co., Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) Pvt. Ltd are managing the share sale.
IndoStar provides structured term financing solutions to corporates and loans to small and medium enterprises. It recently started offering vehicle and housing finance products
IndoStar Capital was started in 2011 by private equity investors Everstone Capital, Beacon India Fund, ACPI Investment Managers and CIDB Capital.
It seems most of the MFs have accumulated this stock and still might be buying. I think downward journey is over. Results are also good. Div declared. I am bullish on this - like what happened in ICICI Pru Life and HDFC Life. This is my view.
ICICI securities, could receive bid for only 67.7 million shares, accumulating to 87.64% of the total issue of 77.25 million shares. So to meet the 90% criteria, ICICI bank had to trim its issue by 12% takings its dilution of stake to 21% from 24% stake to be diluted initially.
Because of the previous exp with Mallya and nirav, CBI decided to keep their ass safe this time. As per published news CBI has not even called these two for discussion/investigation yet but look out notice is issued. This is election year and whether any work happens or not everybody will make sure no one can blame them for incompetency/corruption.
Let us hope that investigation concludes at the earliest and noone is not spared if they are involved in corruption. Hang the culprit not the accused.
gr8. Very strict action is needed within law whoever is convicted irrespective of his/her stature while ensuring no innocent is harassed just because someone has to showcase in election year that corruption will not be tolerated.