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29 Sep 2010
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Blend Financial Services Limited, a diversified Financial Services Company, has filed a Draft Red Herring Prospectus (DRHP) with the market regulator -Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of 42, 50, 000 equity shares of Rs 10 each at a premium to be decided through a Book Building Process. The IPO comprises a net issue of 42,15,000 Equity Shares to the Public as well as a reservation of 35,000 Equity Shares for Eligible Employees of the Company. The Issue and the Net Issue shall constitute 25.31% and 25.10% of the post issue paid-up equity capital of the Company. The proposed IPO is being made through Book Building Process wherein not more than 50% of the Net Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs). Moreover, the Company may allocate up to 30% of the QIB Portion to Anchor Investors, on a discretionary basis. Further 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only and the rest shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Moreover, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. The company's equity shares are proposed to be listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. The Book Running Lead Managers to the issue are IDBI Capital Market Services Limited as well as PL Capital Markets Pvt. Ltd. and Punjab National Bank. The company will utilize the IPO proceeds for expansion of the existing operations; investment in India Factoring and Finance Solutions Pvt Ltd (JV Company); making strategic investments or acquisitions of companies engaged in the business of financial services and brand building. Blend Financial Services Ltd, based in Mumbai, is the leading and fastest growing financial services company in India. The primary focus of the company is in assisting small and medium enterprises (SMEs) in corporate and non corporate sector in their financial planning and arranging debt funds for their growth as well as working capital. Currently promoters Kailash Chandra Gupta, Mr. Ravi Gupta and Ms. Vaibhavi Mahendra Thakkar hold 94.68% stake in the company. |
| Source: Religare Technova Type: IPO Related |
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