Sathya Agencies files preliminary papers with SEBI to raise Rs 600 crore via IPO
Sathya Agencies has filed preliminary papers with the market regulator Securities and Exchange Board of India (SEBI) to mobilise Rs 600 crore through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares aggregating to Rs 300 crore and an offer for sale (OFS) of equity shares worth Rs 300 crore by promoters.
The company proposes to utilise the proceeds from the fresh issue towards repayment or prepayment of certain borrowings, payment of partial purchase consideration for the acquisition of its subsidiary Unilet Appliances, and for general corporate purposes. Anand Rathi Advisors and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
Sathya Agencies is engaged in the retail of consumer durables and electronics. It operates consumer durables and electronics retail stores across Andhra Pradesh, Kerala, Tamil Nadu, Puducherry and Karnataka.
