By Sachin Murdeshwar
Mumbai : Chartered Speed Limited (CSL), engaged in the business of providing passenger mobility solutions across various modes of surface transport in India with an operational fleet of over 750 passenger vehicles and over 430 Smart Bikes, filed its DRHP with SEBI.
CSL is one of the leading fleet bus operators in India for inter-city and intra-city passenger mobility operations (Source: CRISIL Report). They provide inter-city passenger mobility solutions through bus operations largely focused in Central and Western India with an expanding footprint in Northeastern India.
The IPO Initial Public Offering (IPO) comprises equity shares of face value Rs. 10 each (“Equity Shares”) of Chartered Speed Limited aggregating up to Rs. 2,730.00 million (“Offer”). The offer comprises a fresh issue aggregating up to Rs. 2,250.00 million (“Fresh Issue”) and an offer for sale of up to aggregating up to Rs. 480.00 million. The selling shareholders being the promoters, for amount aggregating up to Rs. 240.00 million by Pankaj Kumar Gandhi and amount aggregating up to Rs. 240.00 million by Alka Pankaj Gandhi (“Offer For Sale”).
The Company proposes to utilize the Net Proceeds raised through the Fresh Issue for: (i) Purchase of passenger transportation vehicles (Rs. 889.75 million); (ii) Repayment/pre-payment, in full or part, of certain borrowings availed by the Company (Rs. 393 million); (iii) Investment in their Subsidiary, Chartered Bus Private Limited, for repayment/pre-payment of certain borrowings availed by their Subsidiary (Rs. 324 million); (iv) Purchase of IT software and equipment’s (Rs. 36.36 million); and (v) General corporate purposes.
Equirus Capital Private Limited are the book running lead managers.
The equity shares will be listed on BSE and NSE.