Chartered Speed has finally received a go-ahead signal from the market regulator SEBI (Security and Exchange Board of India) to launch an Initial Public Offering (IPO) worth INR 273 Crore. The company had filed DRHP papers with the market regulator SEBI in Sept 2018 and received “observations” on January 11 from the regulator, as per the latest updated.
The market regulator Sebi’s observations are essential for a company to float public issues like IPO, FPO and other rights issues.
As per the draft papers, this public offer comprises fresh issuance of shares worth around INR 225 crore and an offer of sale worth INR 48 crore. The promoters Pankaj Kumar and Alka Pankaj Gandhi will sell shares of 24 Crore (approx.) each.
The proceeds will be utilized to buy passenger transportation vehicles, invest the fund in its subsidiary firm, Chartered Bus Pvt, Ltd & general corporate purposes.
The lead manager of this public issue will be Equirus Capital Private Ltd. and the equity shares will be listed on the NSE and BSE.