Navi to raise Rs 600 Cr, Bansal says IPO on track
Navi Technologies, led by Sachin Bansal, had an eventful Tuesday.
The fintech company said it would issue non-convertible debentures (NCDs) totaling Rs 300 crore, with a green shoe option to retain an oversubscription of up to Rs 300 crore. The issue will open on May 23.
“We have worked hard in silence over the past few years and built our business. This question will take us to the next level of growth. We are a growing company and therefore we will be raising both debt and equity,” said Sachin Bansal, President of Navi Technologies.
The development came on the same day that the Reserve Bank of India (RBI) rejected an application by Chaitanya India Fin Credit Private Limited, the microfinance entity of Navi Technologies, for a universal on-demand private banking license.
However, the four-year-old company is set to raise Rs 3,350 crore through an IPO (initial public offering). It filed its Draft Red Herring Prospectus (DRHP) in March.
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Before you go, stay inspired with…
Akanksha Arora, CEO of Amrapali
“Every failure will teach you something, so take every obstacle as a learning lesson. Let the struggle motivate you and make your resolve even stronger.
— Akanksha Arora, CEO, Amrapali Tribe
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