C L Educate fixes IPO price band at Rs 500-502; to open Mar 20

C L Educate today fixed price band of Rs 500-502 per share for its upcoming initial public offer (IPO) through which it aims to raise Rs 239 crore.

The IPO will open on March 20 and close on March 22, 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 per cent. It consists of fresh issue of 21,80,119 shares and an offer for sale of up to 25,79,881 scrips by existing shareholders.

At the upper end of the price band, the company would raise Rs 238.95 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.

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