Overview
- People familiar with the plan say the offer targets a valuation of $7 billion to $8 billion.
- The company first named ICICI Securities, Axis Capital, Goldman Sachs and Citibank as lead managers, then added more banks to the syndicate.
- A significant share of the fresh issue is expected to be used for debt reduction, according to reports.
- Shareholders approved the INR 6,650 crore raise and backed bonus share issues of 1:1 in September and 1:19 in December.
- Moody’s reaffirmed a B2 rating with a stable outlook and projected FY26 EBITDA of about $280 million, as PRISM reports recent profits that included a deferred tax gain.