Innovision Ltd. filed its preliminary papers with the Securities and Exchange Board of India on Tuesday to raise funds through an initial public offering.
The proposed public offering consists of a fresh issue of Rs 315 crore and an offer-for-sale component consisting of 11.81 lakh shares of face value Rs 10 each, according to the draft red herring prospectus.
Lt Col Randeep Hundal and Uday Pal Singh will be among the promoters selling shareholders. Emkay Global Financial Services Limited is the sole book running lead manager and KFin Technologies Limited is the registrar of the offer.
The equity shares are proposed to be listed on both Bombay Stock Exchange and National Stock Exchange.
Net proceeds from the issue amounting to Rs 55 crore will be used for repayment and pre-payment of borrowings availed by the company. A total of Rs 160 crore will go towards working capital requirements of the company and general corporate purposes.
The Hyderabad-based firm has expanded its offerings to include a comprehensive range of manpower services. The company has also been involved in skill development services and toll plaza management services.
Additionally, the company is empaneled with NHAI for toll collection at various locations and is operating six toll plazas across India. Innovision also offers skill development training as a partner for various Central and State Government initiatives.
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