Bharat FIH has received approval from SEBI to raise Rs 5,000 crore through Initial Public Offering (IPO).
Bharat FIH has received approval from the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through Initial Public Offering (IPO). According to the documents, new shares worth Rs 2,502 crore will be issued under the IPO.
FIH Mobiles and Foxconn Technology Group’s subsidiary Bharat FIH has been transferred to the Securities and Exchange Board of India. (Sebi) Initial Public Offering from (IPO) Approval has been given to raise Rs 5,000 crore through According to the documents, IPO (Initial Public Offering) 2,502 crore new shares under (Shares) will be issued. Its promoter group and Foxconn’s unit Wonderful Stars will bring an offer for sale (OFS) of up to Rs 2,502 crore. India FIH manufactures equipment for Xiaomi and Nokia.
According to the information posted on the website of SEBI, the findings of the application made by India FIH have been issued on June 10. The conclusion of SEBI is necessary for a company to bring an IPO. The company had submitted the initial documents for the IPO with SEBI in December 2021.
Where will the money received from the IPO be used?
According to the documents, the money raised from the IPO will be used to finance the capital expenditure requirements. At present, Wonderful Stars holds 99.97 percent stake in the company.
Apart from this, let us tell you that Keystone Realtors, a company of Rustomjee Group, has submitted preliminary documents with the market regulator Securities and Exchange Board (Sebi) to raise Rs 850 crore through Initial Public Offering (IPO). According to the draft documents, up to Rs 700 crore of fresh shares will be issued under the IPO. The promoters of the company will bring an offer of sale (OFS) up to Rs 150 crore. The OFS includes sale of shares by Boman Rustom Irani, Percy Sorabji Choudhary and Chandresh Dinesh Mehta for Rs 75 crore, Rs 37.5 crore and Rs 37.5 crore, respectively.
Keystone Realtors will spend Rs 427 crore out of the money raised from the IPO to repay the debt of its subsidiary. In addition, the company will use some amount for loan repayment or prepayment and the rest will be used for future real estate projects and general corporate purposes.
Axis Capital and Credit Suisse are the managers of the issue. The consolidated revenue of the company stood at Rs 848.72 crore in the financial year 2021. The company’s revenue in the financial year 2020 was Rs 1211.47 crore. The company’s net profit in FY 2021 stood at Rs 231.82 crore as compared to Rs 14.50 crore in the previous financial year. As of December 2021, the company had a total debt of Rs 1,439.18 crore.
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Source: www.tv9hindi.com
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