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Auto Dealer Popular To Go Public

Combo IPO – Rs 250 Cr Fresh Issue + OFS

Popular Vehicles And Services caters to the complete life cycle of vehicle ownership, right from the sale of new vehicles,

MUMBAI, Oct 5 (The CONNECT) – India’s leading diversified automobile dealer Popular Vehicles And Services Limited files Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).

The Company plans to raise funds through fresh issue of Equity Shares with face value ₹ 2 aggregating up to ₹ 250 crore and Offer for Sale (OFS) of up to 14,275,401 Equity Shares.

Popular Vehicles And Services caters to the complete life cycle of vehicle ownership, right from the sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, to facilitating sale and exchange of preowned vehicles, operating driving schools and facilitating the sale of third-party financial and insurance products.

The company proposes to utilize ₹ 192 crore from the net proceeds from fresh issue for settling certain dues and balance amount towards General corporate purposes.

The Offer for Sales comprises of up to 14,275,401 Equity Shares by BanyanTree Growth Capital II LLC, the Promoter Selling Shareholders.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on BSE and NSE.

ICICI Securities Limited, Nuvama Wealth Management Limited (formely known as Edelweiss Securities Limited) and Centrum Capital Limited are the Book Running Lead Managers to the Issue.

As of July 31, 2023, the company operated through its network of 59 showrooms, 126 sales outlets and booking offices, 31 pre-owned vehicle showrooms and outlets, 134 authorised service centres, 40 retail outlets, and 24 warehouses located across 14 districts of Kerala, 8 districts in Karnataka, 12 districts in Tamil Nadu and 7 districts in Maharashtra.

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