S Chand sets IPO price band at Rs 660-670

Leading text book publisher S Chand and Company today fixed a price band of Rs 660-670 per shares for its initial public offering opening on April 26.
The IPO comprises fresh issuance of shares worth Rs 325 crore and an offer for sale of 6,023,236 scrips by the existing shareholders, the company said in a statement.
At the upper end of the price band, the public issue is expected to fetch Rs 728.55 crore.
The initial public offer (IPO) is scheduled to open on April 26 and close on April 28.
Proceeds from the issue will be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani.

Last year, the company had acquired 74 per cent of the outstanding share capital of Chhaya Prakashani Pvt Ltd.
JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt Ltd are the merchant bankers to the offer.
The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.