New Delhi, Oct 1 (PTI) Integrated services company BVG India Ltd has filed preliminary papers for an initial share sale that will include a fresh issue worth up to Rs 200 crore.

Besides the fresh issue, there will be offloading of up to 71,96,214 shares through the offer-for-sale (OFS) route.

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According to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi), Rs 180 crore out of the Rs 200-crore proceeds from the fresh issue will be utilised for repayment of certain borrowings. The remaining fresh issue amount will be used for general corporate purposes.

A significant part of the OFS will be from private equity investor 3i Group.

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The company will also consider a private placement of shares worth up to Rs 40 crore prior to the filing of the red herring prospectus with the RoC (Registrar of Companies).

If the pre-IPO (initial public offering) placement is completed, the size of the fresh issue will be reduced, as per the DRHP.

The company offers a range of integrated services, including mechanised housekeeping, industrial housekeeping, manpower supply and security services.

ICICI Securities Ltd, JM Financial Ltd and HSBC Securities & Capital Markets (India) Pvt Ltd are the book running lead managers to the issue. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)