New Delhi, March 27 A total of six companies, including SAEL Industries Ltd, Vishvaraj Environment Ltd, and Symbiotec Pharmalab Ltd, have secured approval from Sebi to raise funds through initial public offerings (IPOs), according to an update from the market regulator on Friday.
Other companies that received the regulatory nod are Prasol Chemicals, NoPaperForms Solutions Ltd, and Shah Investor's Home Ltd.
These six companies, which filed their preliminary papers with Sebi between September and December, obtained the regulator's approval between March 25-27. This paved the way for the companies to launch their maiden public offerings.
Together, these firms are expected to raise around Rs 10,000 crore through IPOs, according to merchant bankers.
Meanwhile, Jindal Supreme India Ltd withdrew its IPO plan on March 23.
According to the draft papers, SAEL Industries plans to raise Rs 4,575 crore through a combination of a fresh issue of Rs 3,750 crore and an offer for sale (OFS) of Rs 825 crore by investor Norfund.
The company plans to use the proceeds from the IPO to invest in its subsidiaries, SAEL Solar P5 Private Ltd and SAEL Solar P4 Private Ltd, to repay or prepay certain borrowings, and for general corporate purposes.
Vishvaraj Environment's Rs 2,250 crore offering consists of a fresh issue of shares worth Rs 1,250 crore and an OFS of Rs 1,000 crore by promoter Premier Financial Services Ltd.
The company plans to use the proceeds from the fresh issue mainly to repay or prepay borrowings of its subsidiaries, and to fund capital expenditure for three key projects, including an advanced water treatment plant, a sewage treatment plant, and a solar power project under the PM Kusum scheme. The remaining funds will be used for general corporate purposes.
Symbiotec Pharmalab is looking to garner Rs 2,180 crore via its public issue, which includes a fresh issue of Rs 150 crore and an OFS of Rs 2,030 crore by promoters and existing investors.
The proceeds from the fresh issue will be used for debt payment and general corporate purposes.
Prasol Chemicals plans to raise Rs 500 crore through a fresh issue of Rs 80 crore and an OFS of Rs 420 crore.
The funds from the fresh issue will be used for debt payment and general corporate purposes.
NoPaperForms, a SaaS-based enrolment automation platform backed by Infoedge, also received Sebi's clearance after filing its papers through the confidential route, although the issue size has not been disclosed.
The IPO of Shah Investor's Home IPO comprises a fresh issue of up to 54 lakh equity shares, with proceeds earmarked for working capital requirements.
All six firms are proposed to be listed on the BSE and NSE.