Staffing firm FirstMeridian Business Services Ltd has received capital markets regulator Sebi’s go ahead to raise up to Rs 800 crore through an initial public offering (IPO).
The IPO will include a fresh issue of equity shares worth up to Rs 50 crore and an Offer for Sale (OFS) worth up to Rs 750 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP).
As a part of the OFS, promoter Manpower Solutions Limited will sell shares worth Rs 665 crore while existing shareholders New Lane Trading LLP and Seedthree Trading LLP would sell shares worth Rs 45 crore and Rs 40 crore, respectively.
The company, which filed preliminary IPO papers with Sebi in May, obtained its observation letter on October 18, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.
In Sebi’s parlance, obtaining an observation letter means its go ahead to float the IPO.
The company, which counts Adani Ports and Special Economic Zone, Dell …
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