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SEBI nod to EbixCash for floating INR 6,000cr IPO

EbixCash has received the approval from markets regulator SEBI (Securities and Exchange Board of India) to raise capital through initial public offer (IPO). The company had filed Draft Red Herring Prospectus (DRHP) with SEBI in March 2022 and received approval in April 2023.

As per DRHP, the company wants to raise INR 6,000 crore from issue of fresh equity shares and no component of offer for sale, making it one of the largest public offers in the financial sector of India.

As per DRHP, the company will use net proceeds towards the funding of working capital requirements of Ebix Travels Private Limited and EbixCash World Money Limited, for purchase of outstanding compulsorily convertible debentures from Ebix Asia Holdings Inc, Mauritius and funding strategic acquisitions and investmentsand general corporate purposes.

Motilal Oswal Investment Advisors, Equirus Capital, ICICI Securities, SBI Capital Markets and Yes Securities are the merchant bankers of the IPO. Link Intime India Private Limited is the registrar for the same.

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