Mumbai: Chennai based Northern Arc Capital, a diverse retail credit requirement focused NBFC announced Rs 777 crore initial public offering in the price band of Rs 249 to Rs 263 per equity share of Rs 10 face value. The public issue opens on Sept. 16 and closes on Sept. 19, 2024.Northern Arc Capital IPO is a mix of fresh issue of equity shares worth Rs 500 crore and an offer for sale of equity shares worth Rs 277 crore by existing shareholders. The net proceeds from the fresh issue will be used to meet its future capital requirements towards onward lending in its focused sectors, namely, MSME financing, MFI, consumer finance, vehicle finance, affordable housing finance and agricultural finance, and to ensure compliance with the RBI regulations on capital adequacy, for Financial Year 2025, company said while announcing the public offer.
