Jaipur-based non-banking financial company, Laxmi India Finance Limited, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).
The IPO with a face value of Rs 5 is a mix of fresh issue of shares up to 1,04,53,575 and an offer for sale of up to 56,38,620 equity shares by Promoter and Promoter Group Selling Shareholders. The offer also includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion.
Offer for Sale consists of shareholders selling shares up to 3,084,952 Equity Shares by Deepak Baid, up to 913,070 Equity Shares by Prem Devi Baid, up to 1,261,902 Equity Shares by Aneesha Baid, Up to 180,000 Equity Shares by Deepak Hitech Motors, up to 90,000 Equity Shares by Prem Dealers Private Limited, up to 54,348 Equity Shares by Preeti Chopra and up to 54,348 Equity Shares by Rashmi Giria.
The proceeds from the fresh issue to the extent augmentation of its capital base to meet its future capital requirements towards onward lending and general corporate purposes.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders respectively.