Eldeco Infrastructure and Properties, along with Associated Power Structures, has received approval from Sebi to raise capital through initial public offerings (IPO), as indicated in an update from the markets regulator on Friday.
Other companies that have also obtained regulatory approval include HD Fire Protect Ltd, Xtranet Technologies, Parijat Industries India, Rotomag Enertec, CSM Technologies, and AITMC Ventures Ltd. The eight firms submitted their preliminary IPO applications to Sebi between September and October, and received the regulator’s observations between January 28 and 30, as per the update.
In regulatory language, Sebi’s observation is tantamount to approval for initiating a public issue. Eldeco Infrastructure and Properties Ltd, a real estate developer based in Haryana, has proposed a public issue that consists of fresh share issues valued at Rs 800 crore, along with an offer for sale of up to Rs 200 crore by its promoters.
The funds raised from the fresh issue, amounting to Rs 600 crore, will be allocated for the repayment of debt incurred by Eldeco Infracon Realtors Ltd, a subsidiary of the company. The remaining capital will be directed towards general corporate purposes. As per the draft documents of Associated Power Structures, the proposed IPO comprises a fresh issue of equity shares worth Rs 400 crore and an offer for sale of approximately 71.43 lakh equity shares by the promoters.
The Mumbai-based HD Fire Protect, which manufactures and supplies firefighting products, has proposed an IPO that is entirely an offer-for-sale (OFS) of 26,284,500 equity shares by its promoters. According to the draft documents of agrochemical firm Parijat Industries (India) Ltd, the public issue includes a combination of fresh share issues valued at Rs 160 crore and an offer for sale (OFS) of 2.04 crore shares by promoters and other existing shareholders.
The proceeds from the fresh issuance, amounting to Rs 121.6 crore, will be used for debt repayment, with the remainder allocated for general corporate purposes.
