SRS gets Sebi nod to raise Rs 200 cr via IPO

Diversified company SRS today said it has received capital market regulator Sebi's approval to raise about Rs 200 crore through an initial public offer (IPO) to fund its expansion plans.

"SRS Ltd got sebi approval to launch its initial public issue," the company said in a statement.

The company will issue 3.5 crore equity shares of Rs 10, each constituting 25.13% of the post-issue share capital of the firm, it said.

SRS, which is in the business of cinema exhibition, food and beverages, retail and manufacturing and retailing of jewellery, said: "the company is in the process of filling its Red Herring Prospectus (RHP) soon".

Proceeds of the issue would be used to set up cinema halls, food courts and restaurants, retail stores and jewellery manufacturing facility, it added.

SPA Merchant Bankers and  Karvy Investor Services are the book running lead managers to the issue, it said.