Chartered Speed files Rs 273-crore IPO papers with Sebi

Fleet bus operators Chartered Speed has filed draft
papers with markets regulator Sebi to raise an
estimated Rs 273 crore through an initial public
offering. The IPO comprises fresh issuance of
equity shares worth up to Rs 225 crore, besides, an
offer of sale of around Rs 48 crore, according to the
draft red herring prospectus (DRHP) filed with
Securities and Exchange Board of India (Sebi). In the offer for sale, promoters --- Pankaj Kumar Gandhi and Alka Pankaj
Gandhi-- will sell shares of Rs 24 crore each, the firm said.
The proceeds raised through fresh issue will be used to purchase passenger
transportation vehicles, investment in its subsidiary firm, Chartered Bus Pvt
Ltd and other general corporate purposes.