Asirvad Microfinance IPO: Capital market regulator Securities and Exchange Board of India (Sebi) has given its go ahead to the Initial Public Offering (IPO) of Asirvad Microfinance.
Asirvad Microfinance is a subsidiary of NBFC Manappuram Finance.
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As per the details available, Sebi has issued its final ‘observations’ to Asirvad Microfinance IPO. When a company receives a final observation from Sebi, it is a signal from the regulator to go ahead with the IPO plan.
The microfinance lender has plans to raise Rs 1,500 crore through the public offer. The proposed IPO will entirely be a fresh issue of equity shares with no offer for sale (OFS) component, according to the Draft Red Herring Prospectus (DRHP).
The company may consider issuing fresh shares on a private placement basis worth Rs 300 crore.
The company, which filed preliminary IPO papers with Sebi in October 2023, obtained observations from Sebi on April 22. Earlier on January, Sebi had kept in abeyance the proposed Rs 1,500 crore IPO of Asirvad Micro Finance.
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Reacting to the development, shares of Manappuram Finance surged more than 1.50 per cent to close at Rs 200.15 on NSE.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
