Radiant Money Administration Companies, which is backed by the personal fairness agency Ascent Capital, has filed preliminary papers papers with Sebi to faucet the first marketplace for funds. The built-in money logistics participant’s IPO will include a recent subject of shares price Rs 60 crore and a suggestion on the market (OFS) of as much as 30.13 million shares by current promoters and shareholders, the corporate stated in its draft pink herring prospectus.
Within the OFS, Col David Devasahayam will offload 10.13 million shares and Ascent Capital Advisors India will promote as much as 20 million shares.
The corporate will use the IPO proceeds to fund its working capital necessities and purchase specifically fabricated armored vans.
Based in 2005 in Chennai by Colonel David Devasahayam, Radiant Money Administration Companies is an built-in money logistics participant and among the many largest within the retail money administration (RCM) section in India. It operates in 5 verticals viz. money pick-up and supply, community forex administration, money processing, money vans /money in transit and different value-added companies.
Its purchasers embrace personal and public sector banks akin to Axis Financial institution, Citibank, Deutsche Financial institution, ICICI Financial institution and State Financial institution of India, in addition to e-commerce firms, retail chains, railways and retail petroleum distribution shops.
IIFL Securities, Motilal Oswal and Sure Securities are the lead managers to the difficulty.