Route Mobile today said it has filed draft prospectus with the market regulator for Initial Public Offering (IPO) and plans to raise about Rs 600 crore through a combination of fresh issue and offer for sale. The proceeds will be used for repayment and pre-payment of loans, acquisitions and strategic initiatives amongst others, according to a company statement. "The IPO comprises of a fresh issue of up Rs 3500 million and an offer for sale of up to 6,500,000 (shares) by Sandipkumar Gupta and Rajdipkumar Gupta (promoters)," the statement added. A total of Rs 600 crore would be raised through IPO, a company said in an email response. Route Mobile Limited is a cloud-communication platform service providers to enterprises, over-the-top players and mobile network operators. Part of proceeds will also be used for investment in Route Mobile (UK) Ltd for repayment / prepayment of the loan availed from Deutsche Bank AG, the statement added. "The equity shares will have a face value of Rs 10 and the price band will be decided in consultation with the Book Running Lead Managers (BRLMs)," it added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)