EbixCash on Monday has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 6,000 crore through an initial public offering (IPO).
The company had filed preliminary IPO papers with Sebi on March 9, 2022.
The IPO comprises equity shares of face value of Re 1 each which is a complete fresh issue of shares and the entire proceeds will go to the company. The offer also includes a reservation for subscription by eligible employees.
Additionally, the company, in consultation with the lead bankers to the issue may consider a further issue of specified securities through a private placement aggregating up to Rs 1200 crore. If such placement is completed, the fresh issue size will be reduced.
The issue proceeds will be utilised to the tune of Rs 1,035.03 crore for working capital requirements of its subsidiaries, Rs 2,747.57 crore for purchase of outstanding convertible debentures from its subsidiaries and funding strategic acquisitions and investments besides general corporate proposes.
EbixCash is a market leader in international remittance based on Gross Transaction Value (GTV) and a leading non-bank travel exchanges. It has four primary business segments, payment solutions, travel, financial technologies and business processing outsourcing (“BPO”) services and start-up initiatives.
