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.
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Sachin Bansal-led Navi Technologies 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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