Security and Intelligence Services IPO opens on July 31

The Security and Intelligence Services has fixed a price band of Rs 805 to Rs 815 per share for its proposal to raise funds through initial public offering (IPO), a top official said here today.

The sale of shares will be open for public subscription on July 31 and closes on August two, 2017.

The funds raised would be used for repayment and prepayment of a portion of certain outstanding debt availed by the company, Security and Intelligence Services, CEO, Dhiraj Singh said here.

"The issue opens on July 31 and ends on August 2.. We have a debt of about Rs 360 crore.. The funds will be used for other corporate purposes," he told reporters.

The IPO comprises fresh issue of shares worth Rs 362.25 crore and an offer for sale of upto 51,20,619 shares by existing shareholders.

Responding to a query, he said the company clocked revenues of Rs 4,600 crore in 2016-17 employing 1.54 lakh people.

To another query, he said security services industry in the country was expected to double in India by 2020 to reach Rs 80,000 crore.

Net proceeds of the IPO would also be used for funding working capital requirements, he said.

Axis Capital, ICICI Securities, IIFL Holdings, Kotak Mahindra Capital Company were global coordinators and book running lead managers, while SBI Capital Markets, IDBI Capital Markets are merchant bankers to the issue.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)