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Srei Equipment Finance files draft prospectus for IPO

Srei Equipment Finance Ltd. filed a draft prospectus with the Securities and Exchange Board of India for its planned IPO.

The company will sell new shares worth up to 11 billion rupees, while its parent, Srei Infrastructure Finance Ltd., will sell up to 4,386,765 shares. It filed a draft red herring prospectus with the securities market regulator on Nov. 28, according to a same-day release.

Other financial details of the offering were not disclosed.

In October, the company received board approval to issue up to 20 billion rupees worth of shares in an IPO.

As of Nov. 28, US$1 was equivalent to 64.47 Indian rupees.