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Arohan Financial files paperwork for Rs 1,800 cr initial public offering

Arohan Financial Services is a non-banking financial company

NBFCs | initial public offering IPO | financial services

Press Trust of India  |  New Delhi 

IPO, shares, company, firms, market
Representational image of an IPO

Arohan Financial Services, a non-banking financial company, has filed draft papers with regulator SEBI for its proposed initial public offer (IPO).

As per market sources, the Kolkata-based company plans to raise between Rs 1,750 crore and Rs 1,800 crore.

The public offer of the Aavishkaar Group promoted company comprises a fund raise through a fresh issuance of shares amounting to Rs 850 crore.

The company will have an offer for sale of 2,70,55,893 equity shares by Maj Invest Financial Inclusion Fund II K/S, Michael & Susan Dell Foundation, Tano India Private Equity Fund II, TR Capital III Mauritius and Aavishkaar Goodwell India Microfinance Development Company II Ltd, according to Draft Red Herring Prospectus (DRHP).

The net proceeds from the fresh issue will be utilised for augmenting the company's capital base to meet their future capital requirements.

Edelweiss Ltd, ICICI Securities Ltd, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Limited are the managers to the issue.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, February 15 2021. 19:01 IST