Navi Technologies Gets SEBI Nod For Initial Public Offering

Navi Technologies was issued the “observation letter” by Sebi on September 5.

New Delhi:

Markets regulator Sebi has given its approval for the preliminary public providing of Navi Technologies, which has investments from Flipkart co-founder Sachin Bansal.

Through the Initial Public Offering (IPO), which will likely be contemporary difficulty of shares, the corporate goals to lift as much as Rs 3,350 crore.

Navi Technologies was issued the “observation letter” by Sebi on September 5, in keeping with the newest replace on the regulator’s web site.

In Sebi’s parlance, issuance of remark letter implies its go-ahead to drift an IPO.

The firm had filed its Draft Red Herring Prospectus (DRHP) with the regulator in March this 12 months.

As per the DRHP, the proceeds from the IPO will likely be used to spend money on subsidiaries — Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL) — and for common company functions.

After transferring out of Flipkart, Bansal together with Ankit Agarwal based Navi Technologies in 2018.

Navi Technologies is a tech-driven monetary services firm. It has expanded choices below the ‘Navi’ model to incorporate private loans, house loans, common insurance coverage and mutual funds.

Axis Capital is the coordinating Lead Manager for the provide. PTI RAM MR

(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)

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