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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.

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

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