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Fino Payments Bank, Popular Vehicles get Sebi nod for IPOs

Popular Vehicles' IPO consists of a fresh issue of equity shares worth Rs150 crore and an offer for sale of up to 4.27 million shares by Banyantree Growth Capital II, LLC. (Photo: iStock) (iStock)Premium
Popular Vehicles' IPO consists of a fresh issue of equity shares worth Rs150 crore and an offer for sale of up to 4.27 million shares by Banyantree Growth Capital II, LLC. (Photo: iStock) (iStock)

  • Fino Payments Bank offers digital financial services and is a wholly-owned subsidiary of Fino Paytech, a technology enabled financial inclusion solutions. Fino Paytech is backed by investors like Blackstone, ICICI Group, Bharat Petroleum and IFC

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MUMBAI : MUMBAI: Fino Payments Bank Ltd and Popular Vehicles and Services Ltd have received approval from the Securities and Exchange Board of India (Sebi) to raise funds via initial public offerings (IPO).

In July, Fino Payments Bank had filed draft papers with the markets regulator Sebi to raise an estimated Rs1,300 crore through an initial share-sale. Popular Vehicles had filed for an IPO in August.

Fino Payments Bank offers digital financial services and is a wholly-owned subsidiary of Fino Paytech, a technology enabled financial inclusion solutions. Fino Paytech is backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC).

The Fino Payments Bank IPO comprises a fresh issue of equity shares worth Rs300 crore and an offer-for-sale of 15.60 million equity shares by promoter Fino Paytech.

Axis Capital, CLSA Capital, ICICI Securities and Nomura Financial advisory and Securities are the book running lead managers to the issue.

Net proceeds from the fresh issue will be used to augment its tier I capital base to meet future capital requirements. For FY21 its tier 1 capital ratio was at 56.25%.

Popular Vehicles' IPO consists of a fresh issue of equity shares worth Rs150 crore and an offer for sale of up to 4.27 million shares by Banyantree Growth Capital II, LLC. Currently Banyantree Growth Capital holds nearly 34% stake in the firm.

Axis Capital, DAM Capital Advisors and Centrum Capital are the book running lead managers to the issue.

IPO proceeds worth Rs120 crore will be used to repay debt, including working capital loans availed by the firm and its arm PAPL, PMMPL and VMPL. As of June, the amount outstanding under its fund based and non-fund based working capital and term loan facilities was Rs353.84 crore on a consolidated basis.

Popular Vehicles is a diversified automotive dealer in India, with presence across the automotive retail value chain, including sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles and facilitation of sale of third-party financial and insurance products.

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