Home / Market / Stock-market-news /  MAS Financial, Bharat Road get Sebi nod for IPOs

New Delhi: MAS Financial Services and Bharat Road Network have received capital markets regulator Sebi’s approval to float initial public offerings (IPOs).

The companies, which had filed their draft red herring prospectus (DRHP) with Sebi for IPOs during February-March, have received “observations" from the regulator, which is necessary for any firm to launch public offer, the firms said in a statement.

Non-banking financial company MAS Financial Services plans to raise an estimated 550 crore through its initial share-sale offer.

The initial public offer (IPO) comprises fresh issue of shares worth up to 307.4 crore and an offer for sale of up to 242.6 crore by existing shareholders, as per the draft papers. Motilal Oswal Investment Advisors Pvt Ltd will manage the company’s IPO.

Besides, the Gujarat-headquartered company is considering pre-IPO placement of up to 41 lakh equity shares for cash consideration of up to 135 crore. If the pre-IPO placement is completed, the size of the fresh issue will be reduced.

Net proceeds from the fresh issue will be utilised towards augmenting its capital base to meet future requirements.

The public issue of Bharat Road Network, a Srei Infrastructure Finance initiative, consists of up to 29.30 lakh equity shares of face value of 10 each.

The funds raised from the issue will be utilised towards advancing of subordinate debt in form of interest free unsecured loan to its subsidiary STPL for part financing of the STPL Project, among others.

The company is a road Build–operate–transfer company in India, focused on development, implementation, operation and maintenance of roads, highways projects.

The IPO is being managed by Investec Capital Services and Srei Capital Markets.

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