Future Capital Holdings (FCHL), the financial services arm of the Future Group, has received good response on day one of subscription period. The issue subscribed 2.38 times, as per data available on NSE website. It received bids for 1.52 crore equity shares as against 64.22 lakh shares on offer.
The issue will close for subscription on January 16, 2008. The price band is between Rs 700 and Rs 765 per equity share. The issue would constitute 10.16% of the post-issue paid-up capital of the company.
FCHL's three primary lines of business are investment advisory services, retail financial services and research. Currently, the two main retail financial services products are consumption loans and personal loans. FCHL will also commence in the near future the distribution of financial products, including credit cards. It has entered into an agreement with ICICI Bank for marketing and distribution of the "Future Card", a credit card offering loyalty points.
The objects of the issue are to augment capital base to meet the future capital requirements arising out of growth and for other general corporate purposes including meeting the expenses of the issue.
The book running lead managers to the issue are Kotak Mahindra Capital Company Limited, Enam Securities Private Limited, JM Financial Consultants Private Limited and UBS Securities India Private Limited
Source: Moneycontrol.com
Friday, January 11, 2008
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