IPO
Five companies, including Shapoorji Pallonji Group’s engineering and construction company Afcons Infrastructure Limited (AIL), have received market regulator SEBI’s approval to raise funds through an initial public offering (IPO). An update released by the Securities and Exchange Board of India (SEBI) on Monday showed that the IPO approval application filed by five companies has been approved. Apart from Afcons, the companies that have received SEBI’s approval include Godavari Biorefineries, Shivalik Engineering Industries Limited, Quadrant Future Tech and Enviro Infra Engineers.
IPO related documents were filed
All these firms had filed their IPO documents with SEBI between March and June. They received letters of approval from SEBI between September 5 and 13. Afcons Infrastructure Limited proposes to launch an IPO of Rs 7,000 crore. This will include fresh shares worth Rs 1,250 crore and an offer for sale of up to Rs 5,750 crore by promoter firm Goswami Infratech Private Limited. Currently, the promoter and promoter group companies hold 99.48 per cent stake in Afcons. The IPO of ethanol and bio-based chemicals manufacturer Godavari Biorefineries Limited will consist of a fresh issue of Rs 325 crore and an offer for sale of 65.27 lakh equity shares by the promoters and an investor. The IPO of engineering company Shivalik Engineering Industries is a mix of a fresh issue of Rs 335 crore and an offer for sale of up to 41.3 lakh equity shares by promoters and other shareholders, according to draft documents.
Target to raise Rs 275 crore
At the same time, Quadrant Future Tech is aiming to raise Rs 275 crore through its IPO by issuing completely new issues. Apart from this, the IPO of Enviro Infra Engineers, which is involved in polluted water treatment projects, is a combination of a new issue of 4.42 crore equity shares and a sale offer of 52.68 lakh shares by the promoters. Meanwhile, the market regulator has returned the draft document related to the IPO of Ahmedabad-based Army Infotech. The company’s proposed IPO was to have a completely new issue of Rs 250 crore.
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