India's markets regulator approves Radiant Cash IPO

Radiant Cash Management Services Ltd. obtained the Securities and Exchange Board of India's approval for its planned IPO, Mint reported Jan. 18.

The Ascent Capital Advisors India-backed integrated cash logistics player is aiming to raise 600 million rupees from the sale of new shares as part of the initial offering. Its existing shareholders also have the option to sell up to 30.13 million equity shares.

Proceeds from the IPO will be used for working capital requirements, capital expenditure and for general corporate purposes, the publication added.

IIFL Securities, Motilal Oswal and Yes Securities are the lead managers of the IPO, according to an earlier report.

As of Jan. 18, US$1 was equivalent to 74.58 Indian rupees.