Pace Digitek Files Draft IPO Papers To Raise Rs 900 Crore

Pace Digitek Ltd. filed its preliminary papers with the Securities and Exchange Board of India to raise funds via an initial public offering, according to the draft red herring prospectus. The public offer will include a fresh issue of shares worth Rs 900 crore with a face value of Rs 2 each. The equity shares are proposed to be listed on the National Stock Exchange and BSE, according to the DRHR The company may consider an issue of equity shares aggregating up to Rs 180 crore as pre-IPO placement. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue.The proceeds from the fresh issue to the extent of Rs 630 crore will be used for funding capital expenditure requirements and general corporate purposes, it said. Maddisetty Venugopal Rao, Padma Venugopal Maddisetty, Rajiv Maddisetty and Lahari Maddisetty are the promoters of the company. Unistone Capital Pvt. is the book-running lead manager for the issue and MI-JFG Intime India Pvt. will be the registrar, it said. The issue is being conducted via book-building, with a maximum allocation of 50% to qualifled institutional buyers. A minimum of 15% and 35% of the net offer is designated for non-institutional investors and retail individual biddePace Digitek Ltd. has submitted its preliminary papers to the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), as indicated in the draft red herring prospectus (DRHP).