FCHL to raise Rs 449-491 crores through IPO

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New Delhi, Jan 11 (UNI) Future Capital Holdings Ltd (FCHL), a financial services arm of Future Group, will raise about Rs 449-491 crores through its initial public offering (IPO) of 6,422,800 shares of Rs 10 each at price of Rs 700-765 per share.

The issue, to be decided through a 100 per cent book-building process, opens for subscription today and will close on January 16, 2008.

The issue would constitute 10.16 per cent of the post-issue paid-up capital of the company.

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 company will take shape as a multi-national super market for financial products. We are first targetting 110 towns and then we will move deeper in the country,'' Mr Biyani added.

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.

The book running lead managers for the issue are Kotak Mahindra Capital Company Ltd, Enam Securities Private Ltd, JM Financial Consultants Private Ltd and UBS Securities India Private Ltd.

UNI BJR MP DS1530

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