CL Educate IPO to open on 20 March at a price band of Rs500-502 apiece
CL Educate operates across segments in the education industry including test preparation, K-12 and vocational training
New Delhi: C L Educate on Tuesday fixed price band of Rs500-502 per share for its upcoming initial public offer (IPO) through which it aims to raise Rs239 crore.
The IPO will open on 20 March and close on 22 March, said the company which operates across segments in the education industry including test preparation, K-12 and vocational training.
The issue comprises 47.60 lakh equity shares or about 33.61%. It consists of fresh issue of 2,180,119 shares and an offer for sale of up to 2,579,881 scrips by existing shareholders. At the upper end of the price band, the company would raise Rs238.95 crore.
Proceeds of the issue will be used for acquisitions and other strategic initiatives, repayment of loans, to fund working capital requirements and for other general corporate purposes, as per the draft papers. Kotak Mahindra Capital Company is the sole book running lead manager to the issue. The equity shares are proposed to be listed on the NSE and BSE.
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