Amar Ujala files IPO papers with Sebi

Amar Ujala Publications, which publishes Hindi daily Amar Ujala, has filed draft papers with SEBI to raise funds through an initial public offer (IPO), according to reports.

Report said that the IPO comprises fresh issue of equity shares worth Rs 50 crore and an offer for sale of up to 26.90 lakh equity shares by existing shareholders.

The proceed of the issue would be utilised towards purchase of printing machines as well as hoardings, investment in its subsidiary and general corporate purposes, says report.

The issue is being managed by Axis Capital and IDFC Securities.