FabIndia IPO: Lifestyle retail brand FabIndia plans to raise up to ₹4,000 crore through an initial public offering (IPO). For this, the company applied to the market regulator SEBI on Saturday.
According to the draft proposal submitted for approval of the Securities and Exchange Board of India (SEBI), new shares worth Rs 500 crore will be issued in this offer. Apart from this, FabIndia will also offer sale of 2,50,50,543 old shares. Market sources said that Fab India is expected to raise Rs 4,000 crore from this IPO.
Plan to give gifts to the artists and farmers associated with the company
There is also a plan to present seven lakh shares of the promoters of the company to the artists and farmers closely associated with the company’s business. The draft resolution on the IPO said that as a token of gratitude to certain farmers and artists associated with the company or its subsidiaries, the two promoters of FabIndia, Bimal Nanda Bisel and Madhukar Kheda, would be given 4,00,000 shares and 3,75,080 shares respectively. want.
The draft resolution said, “Our promoters, Bimala Nanda Bisel and Madhukar Khera, have opened their respective demat accounts and transferred 4,00,000 equity shares and 3,75,080 equity shares, respectively, as gifts to artisans and farmers. Transfer is proposed.
The proceeds from the fresh issue of shares will be used for voluntary redemption of NCDs (Non Convertible Debentures) of the Company, prepayment or scheduled repayment of a part of certain outstanding borrowings and for general corporate purposes.
He is the chief manager of the issue
ICICI Securities Limited, Credit Suisse Securities (India) Private Limited, JP Morgan India Private Limited, Nomura Financial Advisory & Securities (India) Private Limited, SBI Capital Markets Limited and Equirus Capital Private Limited are the principal managers of the issue.
(Here ABP News is not advising to invest in any scheme or IPO. The information given here is for informational purposes only. Take expert advice before depositing money in any scheme)
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