Radiant Cash Management IPO To Open On Friday; Sets Price Band, At Rs 94-99 Per Share

Radiant Cash Management Services on Tuesday said it has fixed a price band of Rs 94 to Rs 99 a share for its Rs 388-crore initial public offering. The initial share-sale will open for public subscription during December 23-27, the company said in a statement. The IPO comprises fresh issue of shares worth up to Rs 60 crore and an offer for sale (OFS) of 33,125,000 shares by promoter David Devasahayam and private equity firm Ascent Capital Advisors India.

In 2015, Ascent Capital had acquired 37.2 per cent stake in the company. Based on the upper band of the share price, the IPO is expected to fetch Rs 388 crore. Proceeds from the fresh issue component will be used for funding working capital requirements as well as capital expenditure requirements for purchase of specially fabricated armoured vans, the Chennai-based company said. Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter. IIFL Securities Limited, Motilal Oswal Investment Advisors Limited and Yes Securities (India) Limited are the book running lead managers to the issue.

(PTI)