Shemaroo Entertainment, which is into film and entertainment content business, has recieved the market regulator's approval for raising up to Rs 120 crore through an initial public offer (IPO).
The company had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in June last year for the proposed public offer.
Sebi issued its final observations on the draft offer documents on February 21, according to the latest update by the market regulator. It had received the draft offer documents on July 9 through its lead manager YES Bank.
The proposed IPO comprises "equity shares of face value of Rs 10 each at the issue price aggregating to Rs 120 crore." Besides, the firm is considering a "pre-IPO placement up to eight lakh equity shares aggregating up to Rs 10 crore".
The proceeds from the issue would be utilised to fund working capital requirements and general corporate purposes.
Shemaroo would list shares on the National Stock Exchange and the Bombay Stock Exchange.