Everstone Capital backed NBFC IndoStar Capital Finance has received approval from markets regulator SEBI for its IPO, while Crystal Crop Protection, another firm backed by the PE player, has filed a draft prospectus for its $154 million IPO.
Everstone-backed IndoStar Capital gets SEBI nod for $308m IPO
Everstone Capital-backed IndoStar Capital Finance Ltd has received approval of capital markets regulator Securities and Exchange Board of India for its plan to raise around Rs 2,000 crore ($308 million) through an initial public offering (IPO).
According to the draft papers filed with SEBI, the proposed IPO comprises issuance of fresh shares worth Rs 700 crore. Besides, existing shareholders will offer up to 20 million shares.
Founded in 2011, IndoStar Capital current shareholders include Everstone Capital, Beacon India Fund, ACPI Investment Managers and CIDB Capital.
The non-banking finance company plans to use the IPO proceeds towards expanding its capital base to meet future capital requirements. Besides, the company said the IPO will enhance its brand name and create public market for its equity shares in the country.
Indostar Capital had filed IPO papers with the SEBI in January and received “observations” on 3 April.
Crystal Corp files DHRP to raise $154m via IPO
Everstone Capital-backed agro-chemical firm Crystal Crop Protection Ltd has filed draft papers with SEBI to raise Rs1,000 crore ($154 million) through an IPO.
According to the draft prospectus submitted by the firm to the markets regulator, the IPO will include fresh issue of shares worth up to Rs545 crore and an offer for sale of up to Rs455 crore, from promoters Kanak Aggarwal, Komal Aggarwal, Nand Kishore Aggarwal and Ankur Aggarwal and existing shareholders including Everstone Capital.
The Delhi-based company said it will use the funds from the issue towards repayment of certain working capital facilities availed by the company, funding acquisitions and other strategic initiatives; and general corporate purposes.
At present, Everstone holds 4.9 million shares, or a 3.5% stake, in the company. The promoter shareholders hold a 91.2% stake while employees own the rest.
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