Consumer electronics retailer Sathya Agencies Ltd has filed preliminary papers with India's markets regulator Sebi for an initial public offering worth Rs 600 crore. The IPO comprises a fresh issue of Rs 300 crore and an equal amount as an offer for sale by promoters. Proceeds from the fresh issue will fund debt repayment, a subsidiary acquisition and general corporate purposes.
Sathya Agencies Ltd, a consumer electronics retailer, submitted its draft red herring prospectus to the Securities and Exchange Board of India (Sebi) for a Rs 600 crore public offering. The issue is split evenly between a Rs 300 crore fresh issuance of equity shares and a Rs 300 crore offer for sale from existing promoters, as detailed in the filing with the regulator. Motilal Oswal Investment Advisors and Anand Rathi Advisors are acting as the book-running lead managers for the IPO. The company plans to use the net proceeds from the fresh issue primarily for repaying debts, acquiring Unilet Appliances as a subsidiary and meeting general corporate needs. This move comes as Sathya Agencies seeks to raise capital amid growth in India's consumer electronics market.