VCCircle

Indian capital markets regulator Securities and Exchange Board of India (SEBI) has reportedly cleared the IPO of Future Capital Holdings Ltd. The financial arm of Kishore Biyani's retail-focused Future Group proposes to launch a public issue of 64,22,800 shares of Rs 10 each at a price to be decided through a 100 per cent book-building process. The IPO, which will comprise 10.16 per cent of the post-issue paid-up capital of the company, may raise about Rs 300-350 crore.
Kotak Mahindra Capital Company, Enam Securities, JM Financial Consultants and UBS Securities India are the book-running lead managers, while Intime Spectrum is the registrar to the issue.
Pantaloon Retail holds about 61 per cent in Future Capital, which will come down to 55 per cent post IPO. Kishore Biyani's personal stake will dip from 6.6 per cent to 6 per cent, and CEO Sameer Sain's stake from 15 per cent to 13.5 per cent.
Future Capital has four lines of business - consumer credit, investment advisory & asset management, retail financial services and research. The asset management business has four funds under it: Kshitij ($850 million domestic real estate fund); Horizon ($350 million international real estate fund); Indivision ($400 million non-leveraged private equity fund) and a new Hospitality fund ($350 million).

Reliance Power IPO
Meanwhile, SEBI has issued directions to Reliance Power and merchant bankers to ensure the company has followed disclosure norms. Reliance Power is coming up with an IPO which will see raising of about Rs 10,000 crore. The company has appointed Kotak Mahindra, ICICI Securities, JM Financial and Enam Financial as advisors to the IPO. UBS will also be part of the team. SEBI has asked Reliance Power to maintain a lock-in period of five years the entire promoter's stake of 20 per cent instead of 18.6 per cent what the company mentioned in the draft prospectus. There was a public interest litigation against Reliance Power IPO saying the company hasn't followed norms. However, the IPO may soon get clearance from SEBI. Hindustan Times has more details here.