New Delhi, Nov 20: Value 360 Communications Ltd on Thursday said it has received an in-principle approval from the National Stock Exchange of India (NSE) for the listing of its equity shares on the bourse's SME platform-- Emerge.
This is subject to the company meeting all regulatory requirements and completing the necessary formalities.
Approval Follows July DRHP Filing
This in-principle approval marks an important step following the filing of the company's Draft Red Herring Prospectus (DRHP) in July.
"We acknowledge the in-principle approval granted by NSE. This is a procedural step in the overall regulatory process, and we remain focused on fulfilling all compliance requirements in line with the applicable guidelines," Kunal Kishore, Chairman and Managing Director of Value 360 Communications, said in a statement.
IPO to Include Fresh Issue and OFS
As per the draft papers, the company's proposed initial public offering (IPO) includes a fresh issue of 38.30 lakh shares and an Offer for Sale (OFS) of 4.25 lakh shares by existing shareholders.
Proceeds to Fund Expansion, Tech and Working Capital
Proceeds from the fresh issue will be used towards working capital requirements; investment in infrastructure and technology for expansion into content production verticals; investment in influencer marketing platform, Irida Interactive (ClanConnect) and expanding ownership to fulfil potential acquisition in the near future; and payment of debt.
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About Value 360 Communications
Value 360 Communications is an integrated communications company working with brands across public relations, digital communications, creative strategy, and reputation management.
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