Imagine Marketing Limited, the parent company of audio products and wearables brand boAt, Friday announced that it is raising about $60 million (Rs 500 crore) from its existing shareholder, an affiliate of private equity fund Warburg Pincus, and new investor Malabar Investments.
According to a report in The Economic Times, the company has also withdrawn its plans to launch an initial public offering (IPO). It had filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs2,000 crore ($267 million) through a public issue of shares earlier this year.
