Sebi approves Monte Carlo Fashions’ Rs 500 cr IPO
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16 Sep 2014
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Monte Carlo Fashions Ltd (MCFL) has received a green light from the Securities and Exchange Board of India (Sebi) for an estimated Rs. 500-crore initial public offering (IPO), wherein 54.33 lakh equity shares would be sold by shareholders including promoters and private equity firm Samara Capital, reported PTI. Paving the way for IPO, Sebi issued its observations on September 12 for the public offer, which would be an offer for sale (OFS) by selling shareholders. The lead merchant banker for the public offer is SBI Capital Markets. The OFS is expected to hit the market later this month and will constitute 25 per cent of the post paid-up equity share capital of the company. The company has said that its PE investor Samara Capital has decided to divest a 9.5 per cent stake and promoters will dilute 15 per cent through offer for sale. The company expects the listing of equity shares will enhance visibility and brand image among existing and potential customers and provide liquidity to the existing shareholders, Monte Carlo executive director Sandeep Jain said. |
| Source: Dion Global Type: IPO Related |
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