ICICI OneSource (I-OneSource), which filed papers for its initial public offering of 95.6 million (9.56 croroe) shares on Thursday, has been rechristened FirstSource.
According to Ananda Mukerji, CEO and MD of FirstSource, the name change is a step towards creating an independent identity. "With both ICICI OneSource and ICICI Bank going global, there was some confusion about the name. The new identity should solve this problem."
The IPO will include a fresh issue of 60 million (6 crore) shares of Rs 10 each, and sale of 35.6 million (3.56 crore) shares by ICICI Group. The price will be determined through the 100% book-building process.
The paid-up capital after the issue will be Rs 416 crore (Rs 4,16 billion), and the IPO will constitute 23 per cent of the post-issue