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S Chand sets IPO price band at Rs660–670

LiveMint logoLiveMint 19-04-2017 PTI

New Delhi: Leading text book publisher S Chand and Company on Wednesday fixed a price band of Rs660–670 per shares for its initial public offering opening on 26 April.

The IPO comprises fresh issuance of shares worth Rs325 crore and an offer for sale of 6,023,236 scrips by the existing shareholders, the company said in a statement.

At the upper end of the price band, the public issue is expected to fetch Rs728.55 crore.

The initial public offer (IPO) is scheduled to open on 26 April and close on 28 April.

Proceeds from the issue will be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani.

Last year, the company had acquired 74% of the outstanding share capital of Chhaya Prakashani Pvt Ltd.

JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt Ltd are the merchant bankers to the offer. The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.

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