Stocks

SIS India sets IPO band at Rs 805-815

PTI New Delhi | Updated on January 11, 2018 Published on July 24, 2017

SIS India provides security solutions and business support services to a wide range of customers across India and Australia. File Photo   -  Reuters

The company is estimated to raise around Rs 780 crore at the higher end of the price band.

Security and Intelligence Services (India) Ltd (SIS) has set the price band of Rs 805-815 per share for its initial public offering (IPO) through which it aims to raise up to Rs 780 crore, sources said. The initial share-sale offer will open for public subscription on July 31 and close on August 2, merchant banking sources said.

The company provides security solutions and business support services to a wide range of customers across India and Australia.

The IPO comprises fresh issue of shares worth Rs 362.25 crore and an offer for sale of up to 51,20,619 shares by the existing shareholders.

Net proceeds from the fresh issue will be utilised for repayment and pre-payment of a portion of certain outstanding indebtedness, funding working capital requirements and for general corporate purposes, as per the Draft Red Herring Prospectus (DRHP).

According to the sources, the company is estimated to raise around Rs 780 crore at the higher end of the price band.

Axis Capital, ICICI Securities, IIFL Holdings, Kotak Mahindra Capital Company are global coordinators and book running lead managers to the issue. SBI Capital Markets, IDBI Capital Markets and Securities and Yes Securities (India) are merchant bankers to the issue.

In January, SIS had received market regulator SEBI’s go ahead to float an initial public offer.

Published on July 24, 2017
null
This article is closed for comments.
Please Email the Editor