IndoStar Capital Finance has received markets regulator Securities and Exchange Board of India's (SEBI) approval to raise funds worth Rs 2,000 crore through an initial public offering (IPO). The IPO comprises issuance of fresh shares worth Rs 700 crore. Besides, existing shareholders will offer up to 2 crore shares.
The company plans to utilize the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements. The IPO will also enhance its brand name and create public market for its equity shares in the country.
JM Financial, Kotak Mahindra Capital Company, Morgan Stanley India Company, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) will manage the public issue.
IndoStar Capital Finance is a non-banking finance company 'NBFC' registered with the Reserve Bank of India as a systemically important non-deposit taking company.