Key Points
Bengaluru-based Stanley Lifestyles has received final approval from markets regulator Securities and Exchange Board of India (SEBI) to raise funds through initial public offering (IPO)..
The IPO, with a face value of 2, consists of a fresh issue of up to 200 crore and an offer for sale (OFS) of up to 9.13 million equity shares by the promoter and investor selling shareholders..
As per the DRHP, the proceeds from the fresh issue to the tune of 90.13 crore will be used for expenditure for opening the new stores, 39.99 crore expenditure for opening the anchor stores, 10.04 crore expenditure for renovation of the existing stores, and 8.18 crore for funding the capital expenditure requirements for the purchase of new machinery and equipment by the company and its material subsidiary, SOSL, and general corporate purposes..
The sofa maker said that founders Shubha Sunil and Sunil Suresh plan to sell up to 1.18 million shares in the OFS, while Oman India Joint Investment Fund II plans to offer up to 5.54 million shares..
As per the details outlined in the DRHP, the ownership distribution in Stanley reveals that each of the two promoters holds a 33.68% stake, while the Oman India Joint Investment Fund possesses a 26.86% share..
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