Radiant Cash Management, Veranda Learning to go public
Radiant Cash Management Services, an integrated cash logistics player, and online education platform Veranda Learning Solutions have received the go ahead from capital markets regulator Sebi to float their initial public offerings (IPOs).
The two companies, filed their preliminary IPO papers with Sebi between October and November and obtained the observation letter during January 10-11, an update with Sebi showed on Tuesday.
Going by the draft papers, Radiant Cash Management Services’ IPO comprises fresh issue of shares worth up to Rs 60 cr and an offer-for-sale (OFS) of 3 cr shares by promoter David Devasahayam and private equity firm Ascent Capital Advisors India.
In 2015, Ascent Capital had acquired a 37.2 pc stake in the firm. Out of the fresh issue proceeds, Rs 20 cr will be used for funding working capital requirements and Rs 23.92 cr for capital expenditure requirements for purchase of specially fabricated armoured vans.
Veranda Learning Solutions, a Chennai-based firm, is looking to raise Rs 200 cr via an initial share-sale, as per the draft red herring prospectus. The IPO is the primary issuance of equity shares.
Proceeds will be used towards repayment or pre-payment of loan, retirement of acquisition consideration of Edureka among others.