Compulsory convertible preference shares (CCPS) will be the type of instrument used for the fundraising, and it was said further that the issuance price was "anticipated to be around $100 per CCPS".
API Holdings, the parent company of health tech unicorn PharmEasy, informed its shareholders in a note that it had withdrawn from the draught red herring prospectus (DRHP) that it had submitted to the Securities and Exchange Board of India (Sebi) out of concern for stock market volatility. Due to "market conditions and strategic considerations," the company withdrew the pre-IPO draught documents that were submitted around the end of last year.
However, the company's Rs 6,250 crore IPO had already received approval from the capital markets regulator. But in order to finance its objectives for development and expansion, the company intends to raise money. A rights issue, with an issue price of Rs 100 per share, would be used by the company to generate additional money, according to the statement. Applications will be accepted "starting on or around the first week of September."