CIEL HR Services files DRHP with SEBI, plans to raise Rs 335 crore via fresh issue
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Recruitment and staffing services provider CIEL HR Services has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The offering includes a fresh issue of shares worth Rs 335 crore and an offer for sale (OFS) of up to 4,739,336 equity shares with a face value of Rs 2 each. CIEL HR is promoted by Pandiarajan Karuppasamy, who serves as the Chairman and Executive Director of CIEL HR Group. Promoter Chairperson Pandiarajan Karuppasamy and Promoter Director Hemalatha Rajan were the original founders of Ma Foi Management Consultants Private Limited (Erstwhile Ma Foi), an HR company which was subsequently acquired by a global staffing company. The Offer for Sale comprises up to 4,739,336 equity shares. The Promoter Selling Shareholders account for a substantial portion, with Pandiarajan Karuppasamy offering up to 2,544,181...