You are here: Home » News-CM » Companies » News
Business Standard

Board of Ethos approves raising capital via IPO

Capital Market 

KDDL now holds 76.61% in Ethos pursuant to rights issue

KDDL announced that the Board of Ethos (the company's material subsidiary) at its meeting held on 01 December 2021 has approved the allotment of 457,938 equity shares of Rs 10 each at a premium of Rs 540 per share for an amount of Rs 25.19 crore to existing shareholders of the Company through the mode of Rights Issue.

After the aforesaid allotment, the shareholding of KDDL in Ethos is 76.61% (directly and indirectly).

The Board also considered and recommended raising of capital through an Initial Public Offering of the Company for an amount not exceeding Rs. 500 crore from Fresh Issue of capital, at a price to be determined in consultation with the book running lead managers. The proposed Initial Public Offering may also include an offer for sale by the existing shareholders of the Company. The Board has resolved to convene an Extraordinary General meeting of the Shareholders of the Company on 30 December, 2021 for seeking their necessary approval for the proposed Initial Public Issue.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, December 03 2021. 11:16 IST