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Markets regulator Sebi has approved initial share sales of footwear major Campus Activewear and two other companies, according to an update from the regulator.

Securities and Exchange Board of India (Sebi) has issued observation letters to Campus Activewear, Maini Precision Products and Sresta Natural Bioproducts. In Sebi's parlance an observation letter is equivalent to approving the issue.

Campus Activewear, which had filed the draft papers with the Sebi in December last year, is looking to tap the public markets with completely offer for sale (OFS) of 5.1 crore equity shares by promoters and existing shareholders.

Both the promoters -- Hari Krishna Agarwal and Nikhil Aggarwal -- and investors will such as TPG Growth III SF Pte Ltd and QRG Enterprises Ltd offload their equity shares in the issue.

At present, promoters hold 78.21% stake in the company, TPG Growth and QRG Enterprises own 17.19% and 3.86% shareholding, respectively.

Campus Activewear introduced the brand 'Campus' in 2005 and is a lifestyle-oriented sports and athleisure footwear company that offers a diverse product portfolio for the entire family.

The brand enjoys an about 15 per cent market share in the branded sports and athleisure footwear industry in India by value for fiscal 2020, which increased to approximately 17 per cent in fiscal 2021.

BofA Securities India Limited, JM Financial, CLSA India and Kotak Mahindra Capital Company have been appointed as merchant bankers to advise the company on the public issue.

Meanwhile, Bengaluru-based Maini Precision Products will raise 900 crore through the IPO, which consists of a fresh issue of 150 crore and an offer for sale of up to 2.5 crore equity shares.

The company has a diversified business, wherein the products are classified into two businesses — aerospace, which it ventured into in 2004, and comprises precision products manufactured for aerospace and defence.

Organic food company Sresta Natural Bioproducts is looking to raise 500 crore through an initial share-sale. The IPO comprises fresh issue of equity shares aggregating up to 50 crore and an offer-for-sale of up to 70,30,962 equity shares by the selling shareholders.

The Hyderabad-based Sresta Natural Bioproducts owns the largest brand in the packaged organic food segment '24 Mantra'.

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