Popular Vehicles and Services Ltd Files DRHP with SEBI

KOCHI:
India’s leading diversified automobile dealer Popular Vehicles And Services Limited (“The Company”) files Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The Company is a leading diversified automobile dealership in India in terms of revenue as of Fiscal 2023, (Source: CRISIL Report) having a fully integrated business model. The Company plans to raise funds through fresh issue of Equity Shares (face value ₹ 2) aggregating up to ₹ 250 crore and Offer for Sale (OFS) of up to 14,275,401 Equity Shares. (“The Total Offer Size”).

The company proposes to utilize net proceeds from fresh issue towards funding Repayment and/or pre-payment, in full or part, of certain borrowings, availed by the Company and its subsidiaries amounting to ₹ 192 crore; and balance amount towards General corporate purposes. The Offer for Sales comprises of up to 14,275,401 Equity Shares by BanyanTree Growth Capital II LLC (“Promoter Selling Shareholders”)

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges being BSE Limited and National Stock Exchange of India Limited. ICICI Securities Limited, Nuvama Wealth Management Limited (formely known as Edelweiss Securities Limited) and Centrum Capital Limited are the Book Running Lead Managers to the Issue.