SRS Ltd to launch Rs 225 cr IPO in July

Faridabad-based SRS Ltd, which has interests in cinema exhibition, retail and food courts, today said it will launch an initial public offer to raise up to Rs 225 crore by next month.

The company will issue around 3.5 crore equity shares under the IPO, through which the promoters will dilute a 25.13% stake. The proceeds of the public issue will be utilised to fund expansion plans.

"We have already received regulatory approvals from the Securities and Exchange Board of India and stock exchanges. With the IPO, we wish to raise Rs 225 crore to fund expansion across business segments," SRS Ltd chairman and managing director Anil Jindal told PTI.

The company has roped in SPA Merchant Bankers, IDBI Capital Markets and Karvy Investor Services to manage the issue, which will be carried out through a book-building process.

"By July-end, we will launch the offer," he added.

Jindal said the proceeds from the IPO will be utilised to increase the number of cinema exhibition screens, retail stores, jewellery stores and food courts currently operated by SRS in North India.

"We are adding 54 new cinema screens, 33 new food courts, 29 retail stores and 17 jewellery stores to our existing network," he said.

Currently, the company operates 23 SRS Value Bazaar retail stores, 15 food courts and 30 cinema screens in North India.