Rite Water files for Rs745-cr IPO

New Delhi: Nagpur-based Rite Water Solutions (India) -- a clean-tech firm -- has filed preliminary papers with capital markets regulator Sebi to raise Rs 745 crore through an initial public offering (IPO).The company is supported by the Water Access Acceleration Fund SLP (W2AF) organised and existing under the laws of France and managed by Incofin Investment Management in Belgium.

The IPO comprises a fresh issue of equity shares of up to Rs 300 crore with an offer for sale (OFS) component of shares aggregating to Rs 445 crore by the promoters and investor selling shareholder, according to the draft red herring prospectus (DRHP) filed by the company on Monday. Under the OFS, promoters -- Vinayak Shankarrao Gan will be selling shares up to Rs 85 crore, shares for up to Rs 90 crore by Abhijeet Vinayak Gan, while Water Access Acceleration Fund SLP will dispose of its securities worth Rs 270 crore.