Kishore Biyani-promoted venture capital arm Future Venture is likely to approach Securities and Exchanges Board of India (SEBI) again for an initial public offering soon, as the validity of the earlier approval by the market watchdog lapsed this month.
“We are going for a fresh filing (for IPO) with SEBI,” Future Group Chairman Kishore Biyani tells PTI. The company, which is a part of diversified Future Group, had received the SEBI approval for IPO on September 4, 2008. As per regulations, a company has to hit the capital markets within 12 months of receiving the SEBI nod. Last year, the company was looking to raise up to Rs 1,000 crore through a public offering of about 374 crore shares, mainly to fund the group’s expansion plans. Without disclosing details about the likely date and stake to be offloaded, Biyani said the amount to be raised from the capital market would be less than the previously planned Rs 1,000 crore.
Source: The Hindu Business Line