Vehicles and Popular Services, which include the sale of cars, have submitted the first papers to the financial market regulator Sebi to earn money from the first share sale.
The initial public offering (IPO) includes a new release of $ 150 million shares and an offer for sale (OFS) of 42,66,666 shares of shares by Banyantree Growth Capital II, LLC, according to a red herring prospectus. (DRHP) filed with Sebi on Wednesday.
The proceeds from the new release will be used to repay certain loans, including working loans, received by the company and its subsidiaries and the general purpose of the company.
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The Kerala-based company is one of the world’s leading car dealerships, including new passenger and retail car sales, services and repairs, distribution of spare parts, sales of pre-owned passenger cars and facilitation of the sale of foreign insurance products.
It uses Maruti Suzuki passenger car dealers, Honda and JLR as well as Tata Motors car dealerships.
Axis Capital, Centrum Capital and DAM Capital Advisors (formerly IDFC Securities) have been appointed as commercial banks to advise the company on IPOs.
The company’s equity shares will be listed on the BSE and NSE.
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