CIEL HR to raise Rs 335 crore via IPO

21 Nov 2024 , 10:20 AM

In order to raise money through an initial public offering (IPO), recruitment and staffing company CIEL HR Services has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), the market regulator.

The transaction consists of an offer for sale (OFS) of up to 4,739,336 equity shares having a face value of Rs 2 apiece, as well as a new issue of shares valued at Rs 335 crore.

Pandiarajan Karuppasamy, the Chairman and Executive Director of the CIEL HR Group, is responsible for promoting CIEL HR.

The HR firm Ma Foi Management Consultants Private Limited (formerly Ma Foi) was founded by promoter chairperson Pandiarajan Karuppasamy and promoter director Hemalatha Rajan. A multinational staffing firm later purchased the business.

The maximum number of equity shares included in the offer for sale is 4,739,336. With Pandiarajan Karuppasamy offering up to 2,544,181 shares, Hemalatha Rajan and Aditya Narayan Mishra each contributing up to 629,357 shares, Santhosh Kumar Nair offering up to 594,540 shares, and Doraiswamy Rajiv Krishnan contributing up to 118,537 shares, among others, the Promoter Selling Shareholders make up a sizeable portion.

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