Northern Arc Capital Sets IPO Price Band at Rs 249-263 Per Share

Northern Arc Capital, a non-bank financial institution based in Chennai, has announced a price band of Rs 249-263 per share for its Rs 777 crore initial public offering (IPO). The IPO will be open for public subscription from September 16 to 19. The proceeds from the fresh issue will be used for future capital needs.

Non-bank financial institution Northern Arc Capital has announced a price band of Rs 249-263 per share for its upcoming Rs 777 crore initial public offering (IPO), set to hit the market shortly.

The Chennai-based company will open its initial share sale for public subscription from September 16 to September 19, with a special bidding session for anchor investors on September 13.

The IPO consists of a fresh equity shares issuance worth Rs 500 crore and an Offer For Sale (OFS) of up to 1,05,32,320 shares valued at Rs 277 crore at the upper end of the price band. Proceeds from the fresh issue will be used for the company's future lending requirements. Major investors participating in the OFS include Leapfrog Financial Inclusion India (II) Ltd and others.

(With inputs from agencies.)