look news india
Northern Arc Capital Limited IPO: Northern Arc Capital Limited will open its bid/offer for its initial public offering (IPO) of equity shares on September 16, 2024.
The initial public offering comprises a fresh issue of equity shares aggregating up to Rs 5,000 million and an offer for sale of up to 10,532,320 equity shares to the selling shareholders. The price range for the offer is Rs 249 to Rs 263 per equity share.
Employees eligible to bid in the employee reservation portion are offered a discount of Rs 24 per equity share. Bids can be made for a minimum of 57 equity shares and in multiples of 57 equity shares thereafter.
Meanwhile, the Company will use the net proceeds on capital adequacy for FY25 to meet its future capital requirements for onward lending in its focus areas, namely, MSME financing, MFIs, consumer finance, vehicle finance, affordable housing finance and agriculture finance and ensure compliance with RBI regulations.
The company plans to list its equity shares on the Bombay Stock Exchange and the National Stock Exchange. ICICI Securities Limited, Axis Capital Limited and Citigroup Global Markets India Private Limited will be the book running lead managers to the offer.