Veritas Finance Aims for Rs 2,800 Crore IPO

Veritas Finance Ltd, a retail-focused NBFC, plans to raise Rs 2,800 crore through an IPO. It includes a fresh equity issue of Rs 600 crore and an OFS of Rs 2,200 crore. The company targets capital augmentation for future lending and might contemplate a pre-IPO placement.

Veritas Finance Ltd, a prominent retail-focused non-deposit taking NBFC, has filed initial papers with the Securities and Exchange Board of India (SEBI) to secure approval for raising Rs 2,800 crore via an Initial Public Offering (IPO).

The offering will encompass a fresh equity issue worth Rs 600 crore and an Offer-for-Sale (OFS) amounting to Rs 2,200 crore by various investors and individual selling shareholders, as per the draft red herring prospectus shared recently.

This public offering includes a reserved segment for eligible employees. The proceeds are slated to fortify Veritas Finance's capital base, aligning with its anticipated future business needs, particularly in onward lending.

(With inputs from agencies.)