The Securities and Exchange Board of India has approved the initial public offerings of NTPC Green Energy Ltd. and Avanse Financial Services Ltd., while VMS TMT Ltd. withdrew its draft red herring prospectus, according to a release.
NTPC Green Energy
Earlier, NTPC Green Energy Ltd., an arm of the state-run NTPC Ltd., filed the DRHP for its IPO to raise Rs 10,000 crore. The IPO completely includes a fresh issue with no offer-for-sale component.
IDBI Capital Markets and Securities Ltd., HDFC Bank Ltd. IIFL Securities Ltd. and Nuvama Wealth Management Ltd. are the leading book runners and KFin Technologies is the registrar for the offer.
The company stated that it will utilise the proceeds to repay the debts and for other general corporate needs.
It plans to invest Rs 4,000 crore in the current financial year for repaying or prepaying outstanding loans from its subsidiary, NTPC Renewable Energy Ltd. It also intends to allocate another Rs 3,500 crore by the end of March 2026 for similar purposes.
Around 25% of the funds will be directed toward general corporate activities, which include exploring growth opportunities, pursuing strategic initiatives, forming partnerships, engaging in joint ventures and acquisitions, capital expenditures, and other business development efforts.
Avanse Financial Services
Avanse Financial Services filed its DRHP with the SEBI to raise Rs 3,500 crore. The company's IPO is a mix of both fresh issues worth Rs 1,000 crore and offer for sale worth Rs 2,500 crore.
Kotak Mahindra Capital Co., Avendus Capital Pvt., JP Morgan India Pvt., Nomura Financial Advisory and Securities (India) Pvt., Nuvama Wealth Management and SBI Capital Markets are the leading book runners and Link Intime India Pvt. is the registrar for the offer.
Proceeds received from OFS will not be used as part of the net proceeds and also the company will not obtain any proceeds from the same.
The net proceeds acquired from fresh issues will be utilised towards expanding the capital base of the company along with fulfilling its capital requirements that arise out of growth of the business and assets. Additionally, the funds raised will be used to meet offer expenses.
Further, the NBFC is expected to benefit from the listing of its equity shares on the bourse at a face value of Rs 5 each.
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