Market regulator the Securities and Exchange Board of India (SEBI) has given approval to Future Ventures IPO. Mumbai based, Kishore Biyani-promoted, Future Ventures had filed the revised Draft Red Herring Prospectus (DRHP) on 2nd September 2010 and the market regulator gave its nod on 21st January 2011. The company earlier filed the initial DRHP on 13th August 2010. According to the details available with the prospectus, the company plans to raise up to Rs 750 crore. The premium to be decided via 100% book building process. The company is a part of the Future Group, promoted by Kishore Biyani and it focuses on consumption-led businesses.
This is the second time that Future Ventures is planning to tap the primary market. Earlier, in the year 2008, the company had filed a prospectus, but did not come out with an offer.
The media major Bennett Coleman and Company (BCCL) is among the top 10 shareholders of the company. BCCL, the publisher of English dailies The Times of India and The Economic Times, holds a 12.10% stake in the company. Other top shareholders of the company include Pantaloon Retail (India), 18.15% , and Future Capital Investment, which has a 12.32% holding.
Two firms of the Future Group — Future Capital Holdings and Pantaloon Retail — are already listed on the stock exchanges and this will be the third one from the group to tap the capital market.
The IPO proceeds would be used for general corporate purposes, create build, invest in or acquire, and operate business ventures.
The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).
Book running lead managers to the issue are JM Financial, Enam Securities and Kotak Mahindra Capital.
Registrar of the Issue : Link Intime (India).
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