Fleet bus operators Chartered Speed has filed draft papers with markets regulator Sebi to raise an estimated Rs 273 crore through an initial public offering. The IPO comprises fresh issuance of equity shares worth up to Rs 225 crore, besides, an offer of sale of around Rs 48 crore, according to the draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi).

Share Market Live

NSE

In the offer for sale, promoters --- Pankaj Kumar Gandhi and Alka Pankaj Gandhi-- will sell shares of Rs 24 crore each, the firm said.

The proceeds raised through fresh issue will be used to purchase passenger transportation vehicles, investment in its subsidiary firm, Chartered Bus Pvt Ltd and other general corporate purposes.

Equirus Capital Private Ltd will manage the issue and the equity shares will be listed on BSE and NSE.

Chartered speed Ltd is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India. .

First Published:Sept 28, 2018 8:04 PM IST