Majestic Research Services gets nod for FPO

Digital market research agency Majestic Research Services and Solutions Ltd has received nod from the Bombay Stock Exchange to tap the capital market with a follow-on offer on its SME platform.
As per the draft prospectus filed with BSE, the company has received approval to raise up to Rs 10 crore and price-band for the same will shortly be announced. The proceeds of the FPO will be utilised for purchase of new corporate office and working capital requirements among others.
The company, which got listed on the SME platform in July 2015, will achieve the distinction of being the first company on BSE-SME platform to come up with a follow-on offer in the next few weeks.

In June last year, the company had offered 11,20,000 equity shares of face value of Rs 10 at an issue price of Rs 12.75 each to raise Rs 1,42,80,000 crore.
Majestic Research scrip is hovering at around Rs 150 after having touched a 52-week high of Rs 165 earlier this month.
The company provides a full range of market research service to Global Clients. MRS offers a wide range of qualitative and quantitative research services, both nationally
and internationally, specialising in planning, execution and proactive field management for multi-phased and multi-location projects.