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Future Ventures India sets issue price at Rs 10/share
Future Ventures India, a subsidiary of Future Group led by Kishore Biyani, has fixed the issue price at lower end of price band of Rs 10-11 a share due to lukewarm response.
Future Ventures India , a subsidiary of Future Group led by Kishore Biyani, has fixed the issue price at lower end of price band of Rs 10-11 a share due to lukewarm response.
The company has garnered Rs 750 crore through the issue of 75 crore equity shares.
The issue was subscribed 1.52 times. The reserved portion of non-institutional investors has subscribed more than 7.8 times while retail investors and QIBs' portion was subscribed just 0.61 times & just 0.26 times, respectively.
Future Ventures plans to use a large part of the funds for acquiring new businesses and a small part of the proceeds will be used to grow the existing businesses.
Out of the funds raised via the IPO, Rs 120-150 crore will be invested in existing businesses, while the remaining amount will be used for acquisitions, Anand B, Future Group's director finance said in a press conference.
Future Ventures will rely on Future Capital Holdings in various respects, including for research services and recommendations in relation to treasury assets, supporting resource mobilisation for business ventures, advising on mergers, acquisitions and exit strategies, it said in its draft prospectus.
