Navi to raise Rs 600 Cr, Bansal says IPO on track
The four-year-old company is on its way to raise Rs 3,350 crore through an IPO (initial public offering). It filed its draft red herring prospectus (DRHP) in March.
Sachin Bansal-led had an eventful Tuesday.
The fintech company said it will issue non-convertible debentures (NCDs) aggregating Rs 300 crore, with a green-shoe option to retain an oversubscription of up to Rs 300 crore. The issue will open on May 23.
“We have been working hard in silence since the last few years and building our business. This issue will take us to the next level of growth. We are a growing company and hence, will raise a mix of both debt and equity,” Sachin Bansal, Chairman of Navi Technologies, said.
The development came on the same day the Reserve Bank of India (RBI) rejected the application of Chaitanya India Fin Credit Private Limited, the microfinance entity of Navi Technologies, for an on-tap universal private bank licence.
However, the four-year-old company is on its way to raise Rs 3,350 crore through an IPO (initial public offering). It filed its draft red herring prospectus (DRHP) in March.
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News & Updates
- Walmart-backed managed to register a strong performance for Q1 of FY 2023, the US-based retail giant’s executives said on a first-quarter earnings call.
- Shares of Life Insurance Corporation (LIC) of India fell 8.6 percent in its stock market debut on Tuesday from the final pricing of Rs 949 apiece.
- Jack Ma-led Alibaba and Ant Financials have sold their stake in Paytm E-Commerce Pvt. Ltd back to the company for a total of Rs 42 crore, giving it a total valuation of under Rs 100 crore, or under $13 million.
- Amazon Web Services (AWS) has announced the launch of SMB Vidyalaya, a technology upskilling programme to help small and medium-sized businesses (SMBs) digitise their operations and offerings by using AWS Cloud.
Before you go, stay inspired with…
Amrapali CEO Akanksha Arora
“Every failure will teach you something so take every hurdle as a learning lesson. Let the struggle motivate you and make your resolve even stronger.”
— Akanksha Arora, CEO, Tribe Amrapali
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