Hindustan Aeronautics, three other companies get Sebi nod for IPO
New Delhi: As many as four firms, including state-owned Hindustan Aeronautics Ltd, have received the Securities and Exchange Board of India’s (Sebi’s) approval to launch their initial public offerings, the latest update with the market regulator showed.
The other three firms are Future Supply Chain Solutions Ltd, Gandhar Oil Refinery (India) Ltd and Aster DM Healthcare Ltd. The four companies had filed their respective draft papers with Sebi between August and September and obtained “observations” from the markets watchdog on 26 October. The “observation” from Sebi is necessary for any company to launch their public offers.
Through the Hindustan Aeronautics IPO, the government will sell 3.61 crore shares, amounting to 10%, as per the draft papers. The public issue of Future Supply Chain Solutions comprises an offer for sale of up to 78,27,656 equity shares by Griffin Partners and up to 19,56,914 equity shares by Future Enterprises.
According to merchant banking sources, the IPO is expected to garner Rs700 crore. Future Supply Chain Solutions is part of Kishore Biyani’s Future Enterprise Ltd. Gandhar Oil Refinery’s initial share sale offer consisted of fresh issuance of equity shares worth Rs195 crore and an offer for sale of up to six lakh scrips by the existing shareholders.
Hospital chain Aster DM Healthcare has also received a regulatory go-ahead from the market regulator to float an initial public offering.
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