CL Educate Ltd, which provides education products and content, has fixed a price band of ₹500-502 a share for its initial public offering. The issue, which will raise about ₹239 crore for the company, will be open from March 20-22.
The proceeds will be used for acquisitions, loan repayment and for working capital requirements.
The company is offering 47.60 lakh equity shares of face value of ₹10 each, consisting of a fresh issue of 21.80 lakh shares and an offer-for-sale up to 25.79 lakh shares. The offer will constitute 33.61 per cent of the post offer paid-up share capital of the company.
Kotak Mahindra Capital is the sole book running lead manager for the offer.
Bids can be made for a minimum of 29 equity shares and thereafter in multiples of 29. The shares are proposed to be listed on the BSE and NSE.