New Delhi: Nihilent Technologies has received approval of the Securities and Exchange Board of India (Sebi) to raise an estimated Rs 350 crore through an initial public offering (IPO).
The company, which had filed its draft red herring prospectus (DRHP) with Sebi on December 23, for launching the IPO, obtained clearance from the regulator on February 16, according to the latest update.
The IPO comprises fresh issue of equity shares worth Rs Rs 140 crore and an offer for sale of up to 24,38,199 scrips by existing shareholders.
According to sources, the company is expected to garner a total of Rs 350 crore through the IPO.
Pune-based Nihilent is a global consulting and solutions integration company. The firm has experience in international consulting, IT outsourcing and services.
The proceed of the issue will be utilized towards acquisitions and other strategic investments, development of new software platforms, repayment of loans and other for other general corporate purposes.
Nihilent, which had recently acquired 51 per cent stake in Intellect Bizware Services, said net the proceeds will be used "to acquire the balance 49 per cent stake in Intellect".
After completion of the issue, promoters and significant shareholders will own about 79.28 per cent of the company's outstanding equity shares.
Led by L C Singh, the company has operations in North America, the UK, Ireland, Africa, the Middle East, Australia and Asia.
The book running lead manager to the issue is Motilal Oswal Investment Advisors and the shares are proposed to be listed on stock exchanges BSE and NSE.