Sebi returns draft IPO papers of Anand Rathi Share and Stock Brokers
IPO documents of Anand Rathi Group's brokerage arm Anand Rathi Share and Stock Brokers, which proposed to raise Rs 745 crore through an initial share-sale, an update with the regulator showed on Monday. Anand Rathi had filed the papers for issuing fresh equity. The offer also included reservations for subscriptions by eligible employees, according to the draft red herring prospectus (DRHP).
Also, the company planned to mobilise Rs 149 crore through a pre-IPO placement. If the placement is completed, the issue size will be reduced.
The firm filed DRHP with Sebi in mid-December seeking its approval to mop-up Rs 745 crore through an initial public offering (IPO).
After a month, the offer document was returned on January 17 without specifying any reason, the update showed.
As per the draft papers, proceeds of the IPO to the tune of Rs 550 crore were proposed to be used to fund the company's long-term working capital requirements and general corporate purposes.
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