Repco HomeFin to raise Rs 270 crore from IPO

The company has fixed a price-band in the range of Rs 165-172 per equity share for the initial public offer which opens on March 13.

"The net proceeds of the issue will be utilised towards augmentation of our capital base, which will result in an increase in our net worth and enable us to meet our future capital adequacy requirements," Repco Home Finance Managing Director R Varadarajan told reporters here.

The Chennai-headquartered Repco Home Finance is promoted by the Repatriates Co-operative Finance and Development Bank(Repco Bank), which was set up in April 2000 to extend banking services to rehabilitate the repatriates from Sri Lanka, Myanmar, Vietnam and other countries.

Centre owns 76.83 per cent in the Repco Bank, whileTamil Nadu holds 3.05 per cent, Andhra 1.81 per cent, Kerala 0.62 per cent, Karnataka 0.18 per cent and repatriates 17.51 per cent.The company will offer 15,720,262 equity shares or

25.29 per cent with a face value of Rs 10 each. The issue will close on March 15. The company is offering a discount of Rs 16 on the issue price to employees.