IPO proceeds to be used to cut debt by 75%: S Chand

NEW DELHI: Education content company S Chand plans to repay loans worth ₹255 crore from its IPO opening on April 26, which will reduce its debt burden by 75%. The IPO comprises fresh issue of shares worth ₹325 crore in addition to ₹403 crore of offer for sale at the higher band of ₹670. The total size of the IPO will be about ₹728 crore. The repayment will partially include the loans it had taken to buy publishing firm Chhaya Prakashani in December, as also the loans taken by subsidiaries—New Saraswati House and Vikas Publishing house.