The Securities and Exchange Board of India (SEBI) has given RK Swamy’s proposed initial public offering (IPO), the nod of approval.
As per reports, the IPO comprises an issue up to 2,150 million, and an offer for sale up to 8,700,000 equity shares by selling shareholders.
The funds that will be raised through IPO will be utilized for the funding of the working capital, funding of the capital expenditure that will be incurred to set up a digital video content production studio.
This will further be followed by funding of investment in IT infrastructure development of RK Swamy, and the Material Subsidiaries, Hansa Research and Hansa Customer Equity, as stated in a media report.
Last year, Storyboard18 got in touch with Srinivasan K Swamy, executive chairman, RK Swamy Hansa Group who touched upon the disruptions in the advertising industry. “For example, some say that AI is going to transform advertising. But it is another tool that can be made use of by the industry. The tool by itself will not transform. How you use the tool will transform the industry,” he said.
He added, “Digital advertising came about a few years ago. It was thought of as some big change. But at the end of the day, it is just another medium, like television and print, but more interactive, which the industry leveraged. So, things have changed, and the industry is ready to embrace the change and actually move with it.”