Asset Reconstruction Company (India) Ltd. Files IPO Prospectus
Asset Reconstruction Company (India) Ltd. has filed a draft red herring prospectus with the Securities Exchange Board of India for an initial public offering. The IPO consists of 10.5 crore shares, all of which are offered for sale with no fresh issue. The face value of each equity share is Rs 10.
Promoters and Selling Shareholders
US investment firm Avenue Capital and State Bank of India are the promoters selling their shares via IPO. Lathe Investment Pte. Ltd and Federal Bank Ltd. are other selling shareholders.
Equity Shares Details
Avenue Capital affiliate Avenue India Resurgence is selling over 6.8 crore equity shares with an acquisition cost of Rs 55.62 per share. SBI has offered up to 1.9 crore equity shares with an acquisition cost of Rs 36.76 per share.
Utilization of Proceeds
Since the IPO is a complete offer for sale, proceeds will not go to the company.
Listings and Details
Asset Reconstruction Company will be listed on the BSE and the National Stock Exchange. Details regarding price band, IPO period, allotment date, and listing date will be disclosed after SEBI approval for the offer documents. The company will file a public advertisement with these details.
Lead Managers
Book running lead managers for the ARCIL IPO are IIFL Capital Ltd., IDBI Capital Ltd., and JM Financial Ltd.
