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ASK Investment files IPO papers with Sebi to raise Rs 2,000-cr

Press Trust of India  |  New Delhi 

Asset and wealth management company has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 2,000 crore through an initial share-sale.

The IPO comprises fresh issuance of shares worth up to Rs 600 crore besides an offer for sale of up to 1,35,69,405 shares by company and 44 lakh stocks by promoter Sameer Kotecha, the draft red herring prospectus (DRHP) filed with Sebi showed.

The company plans a private placement of up to 43,95,865 equity shares, aggregating to Rs 300 crore.

According to market sources, the company is aiming to raise Rs 2,000 crore through an initial public offer (IPO).

Proceeds of the issue will be utilised towards investment in its subsidiary ASKFH, to augment capital base for the non-banking company (NBFC) business and for other

ASK, backed by firm Advent International, primarily caters to wealthy persons. As of March 2018, it had a network of 53 distributors across the country.

also has subsidiaries such as ASK Wealth Advisors, and ASK Property Advisory Services.

JM Financial, Axis Capital, Citigroup Global Markets India, and will manage the company's public issue.

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

First Published: Tue, August 07 2018. 15:55 IST