Non-banking financial institution Northern Arc Capital Ltd on Saturday (February 3) said it has filed a Draft Red Herring prospectus with the market regulator Security Exchange Board of India (SEBI).
The company plans to raise funds via initial public offerings through the issue of equity shares of the face value of ₹10 each comprising of a fresh issue aggregating up to ₹500 crore and an offer for sale aggregating up to 21,052,629 equity shares.
Those offering shares through the OFS include Leapfrog Financial Inclusion India (II) Ltd, Accion Africa-Asia Investment Company, Augusta Investments II Pte Ltd, Eight Roads Investments Mauritius II Ltd, Dvara Trust, and IIFL Special Opportunities Fund.
Registered with the RBI, the company is a non-deposit-taking non-banking financial company and has been operating in the financial inclusion space for over a decade.
Northern Arc Capital Ltd, proposes to utilise the net proceeds to meet future capital requirements toward onward lending. ICICI Securities Ltd, Axis Capital Ltd, and Citigroup Global Markets India Private Ltd are the Book Running Lead Managers to the issue.
In July 2021, the Chennai-based Northern Arc Capital filed draft papers with Sebi to float its maiden public issue. It got the regulator's nod to float the public issue in September same year. However, it didn't go ahead with the launch.
Northern Arc is a leading player among the country's diversified NBFCs, with a business model diversified across offerings, sectors, products, geographies, and borrower segments. It provides access to credit to under-served households and businesses directly and indirectly through originator partners.
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