The Securities and Exchange Board of India approved the initial public offerings of Bajaj Housing Finance Ltd. and Baazar Style Retail Ltd., apart from three other companies, on Monday. Manba Finance Ltd., Diffusion Engineers Ltd., and Deepak Builders & Engineers India Ltd. have received the regulator's nod as well.
The companies filed their preliminary IPO papers with the market regulator between March and June this year. They received the regulator's observation letters between July 30 and Aug. 5.
Bajaj Housing Finance's Rs 7,000-crore IPO comprises a fresh issue of equity shares of up to Rs 4,000 crore and an offer for sale of equity shares worth Rs 3,000 crore by parent Bajaj Finance Ltd.
The share sale is being conducted to comply with the Reserve Bank of India's regulations requiring upper-layer non-banking financial companies to be listed on stock exchanges by September 2025.
Proceeds from the fresh issue will be used to augment the company's capital base to meet future capital requirements.
The IPO of Baazar Style Retail is a mix of fresh issues of equity shares worth Rs 148 crore and an OFS component of up to 1.68 crore shares by promoter group entities and other selling shareholders.
Manba Finance's share sale is entirely a fresh issue of up to 1.26 crore shares with no OFS component, as per the draft papers. At present, promoters hold a 100% stake in the Maharashtra-based non-banking financial company.
Diffusion Engineers' IPO is a completely fresh issuance of 98.5 lakh equity shares and proceeds from the issue will be used for the expansion of its existing manufacturing facility and setting up a new one in Maharashtra.
Deepak Builders & Engineers India's IPO is a combination of a 1.2 crore fresh issue of equity shares and an OFS of 24 lakh equity shares by promoters, draft papers showed. Funds will be used for the working capital requirements of the company, the payment of debt and general corporate purposes.
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