New Delhi, Sep 28 (PTI) Fleet bus operators Chartered Speed has filed draft papers with markets regulator Sebi to raise an estimated Rs 273 crore through an initial public offering. Also Read - Coronavirus in India: Another COVID-19 Patient Dies in Maharashtra, Death Toll in State Rises to 21 | Highlights

The IPO comprises fresh issuance of equity shares worth up to Rs 225 crore, besides, an offer of sale of around Rs 48 crore, according to the draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi). Also Read - India to be Under Lockdown For 21 Days, Confirmed COVID-19 Cases Spike to 536

In the offer for sale, promoters — Pankaj Kumar Gandhi and Alka Pankaj Gandhi– will sell shares of Rs 24 crore each, the firm said. Also Read - COVID-19 LIVE: Next 3-4 Weeks Are Crucial, PM Modi Tells State CMs | Top Developments

The proceeds raised through fresh issue will be used to purchase passenger transportation vehicles, investment in its subsidiary firm, Chartered Bus Pvt Ltd and other general corporate purposes.

Equirus Capital Private Ltd will manage the issue and the equity shares will be listed on BSE and NSE.

Chartered speed Ltd is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India.

This is published unedited from the PTI feed.