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NBFC Navi Tech plans Rs 4,000-Cr IPO

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Sachin Bansal-promoted Navi Technologies is looking to raise INR 4,000 crore through an IPO. This will enable Navi to meet RBI norms for NBFCs on the capital adequacy and solvency capital front. The IPO proceeds will work as growth capital, giving Navi the leverage to borrow more and lend a lot more in the process. Navi has added independent directors to its board, such as Usha Narayanan, who has earlier worked with PwC and was also on the board of Bank of Baroda; and Shripad Nadkarni, an FMCG veteran and investor in Hector Beverages owned Paperboat. Since its inception, Navi has found investors in Gaja Capital and HDFC Bank veteran Paresh Sukthankar.