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SIS India IPO to open on 31 July, price band fixed at Rs805-815

LiveMint logoLiveMint 24-07-2017 PTI

New Delhi: Security and Intelligence Services (India) (SIS) Ltd has set the price band of Rs805-815 per share for its initial public offering (IPO) through which it aims to raise up to Rs780 crore, said people familiar with the development.

The initial share-sale offer will open for public subscription on 31 July and close on 2 August, merchant banking officials said.

The company provides security solutions and business support services to a wide range of customers across India and Australia.

The IPO comprises fresh issue of shares worth Rs362.25 crore and an offer for sale of up to 51,20,619 shares by the existing shareholders.

Net proceeds from the fresh issue will be utilised for repayment and pre-payment of a portion of certain outstanding indebtedness, funding working capital requirements and for general corporate purposes, as per the draft red herring prospectus (DRHP).

According to the officials, the company is estimated to raise around Rs780 crore at the higher end of the price band.

Axis Capital, ICICI Securities, IIFL Holdings and Kotak Mahindra Capital Co. are global coordinators and book running lead managers to the issue.

SBI Capital Markets, IDBI Capital Markets and Securities and Yes Securities (India) are merchant bankers to the issue.

In January, Security and Intelligence Services had received market regulator Securities and Exchange Board of India’s go-ahead to float an IPO.

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