Radiant Cash Management Services file draft papers for IPO

Radiant Cash Management Services has filed the preliminary papers with markets regulator Sebi for an initial share sale that includes fresh issue of stocks worth up to Rs 60 crore. The Chennai-based company, an integrated cash logistics player with leading presence in retail cash management segment, will mainly utilise the fresh issue proceeds from the initial public offering (IPO) towards funding working capital and capital expenditure requirements.

The government has initiated the process of filling about 100 vacancies of independent directors in public sector banks and financial institutions to meet regulatory norms of corporate governance. There have been vacancies at the independent director level across the public sector space leading to regulatory non-compliance, sources said.