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Fleet bus operator Chartered Speed gets Sebi's nod for Rs 273 crore IPO

Chartered speed Ltd is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India

Press Trust of India  |  New Delhi 

IPO

Fleet bus operator has received regulator Sebi's approval to raise an estimated Rs 273 crore through

The company, which had filed its draft papers with in September 2018, received "observations" from the regulator on January 11, this year, latest update with the watchdog showed.

Sebi's observations are necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.

Going by the draft papers, the comprised fresh issuance of equity shares worth up to Rs 225 crore, besides, an offer of sale of around Rs 48 crore.

In the offer for sale, promoters -- Pankaj Kumar Gandhi and Alka Pankaj Gandhi -- will sell shares of Rs 24 crore each.

Proceeds raised through fresh issue will be used to purchase passenger transportation vehicles, investment in its subsidiary firm, Chartered Bus Pvt Ltd and other general corporate purposes.

Ltd is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India.

Equirus Capital Private Ltd will manage the issue and the equity shares will be listed on the BSE and NSE.

Earlier this month, the regulator had given its go ahead to Narmada Biochem to float its

First Published: Tue, January 22 2019. 15:40 IST
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