Northern Arc Capital gets SEBI’s go-ahead to raise funds via IPO
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Northern Arc Capital has received the Securities and Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 300 crore and an offer for sale of up to 36,520,585 equity shares by shareholders. The shares of the company will be listed on BSE and NSE.
The company, which filed the draft red herring prospectus with the SEBI in July, got the regulator’s approval on September 3, 2021. Proceeds from the fresh issue would be used towards augmenting the company's capital base to meet future capital requirements. Axis Capital, Credit Suisse Securities (India) Private Limited, IIFL Securities, and SBI Capital Markets are the book running lead managers to the issue.
Northern Arc Capital is a leading player among the country's diversified NBFCs, with a business model diversified across offerings, sectors, products, geographies, and borrower segments. It provides access to credit to under-served households and businesses directly and indirectly through originator partners.
