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Capital markets regulator Sebi has returned the draft IPO papers of Lava International and asked the home-grown mobile maker to file documents again with certain updates. The move might delay the company's initial public offering (IPO). Lava International had filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in September 2021 to raise funds through an initial share-sale. The proposed IPO comprises fresh issuance of equity shares worth up to Rs 500 crore and an offer for sale (OFS) component of 4,37,27,603 equity shares. The OFS consists of sale of 1.25 crore equity shares by Hari Om Rai, up to 31.35 lakh shares by Shailendra Nath Rai, up to 78.38 lakh shares each by Sunil Bhalla and Vishal Sehgal, up to 1.13 crore shares by Unic Memory Technology and up to 9.75 lakh shares by Tupperware Kitchenware. The company proposes to utilise the proceeds from the fresh issue for marketing and brand building activities, funding acquisition and ot
Home-grown mobile phone company Lava International has become the first Indian brand to launch 5G smartphones for domestic consumers. The smartphone launched under the brand name 'Agni' has been developed by Lava in India and is getting manufactured at its plant in Noida, Uttar Pradesh. "The purpose of launching Agni is to give Indian consumers the choice of a made in India 5G smartphone for Indians by an Indian company. We wanted to establish before people that there can be an Indian brand which is technology oriented. "We are second in the world to launch a 5G smartphone on Mediatek Dimensity 810 chipset," Sunil Raina, President & Business Head, Lava International told PTI on the sidelines of the launch. He said that the price of Agni has been kept at Rs 19,999 which is competitive, compared to Chinese brands that dominate the Indian market at present. The Lava Agni 5G will come with a 6.78 inch full high-definition plus IPS punch hole display which is largest in its ...