SEBI Okays IPOs Of Mamata Machinery, Acme Solar Holdings, Returns Innovision's Documents
The market regulator has returned the offer documents of Innovision Ltd.
The Securities and Exchange Board of India has approved the initial public offerings of Mamata Machinery Ltd., Acme Solar Holdings Ltd., and Vishal Mega Mart Ltd., while it returned those of Innovision Ltd.
The capital market watchdog has also approved the IPO of Hyundai Motor India Co., in what is supposed to be the biggest offering in India's history.
Mamata Machinery
The IPO from Mamata Machinery is purely an offer for sale in which existing shareholders will divest 73.82 lakh shares at a face value of Rs 10 per share.
The shareholders include Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP., and Mamata Management Services LLP.
The company will not receive any proceeds from the OFS but expects to enhance their visibility and brand image after the listing of the equity shares. Also, it will provide liquidity to their shareholders along with providing a public market for the shares in India.
Beeline Capital Advisors Pvt. is the leading bookrunner, and Link Intime India Pvt. is the registrar for the offer.
Acme Solar Holdings
Acme Solar Holdings Ltd. has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering to raise up to Rs 3,000 crore.
Acme Solar Holdings' IPO is a mix of offer for sale and fresh issues aggregating up to Rs 1,000 crore and 2,000 crore, respectively. The existing shareholders are offering shares at a face value of Rs 2 apiece.
Nuvama Wealth Management Ltd., ICICI Securities Ltd., JM Financial Ltd., Kotak Mahindra Capital Co. and Motilal Oswal Investment Advisors Ltd. are the leading bookrunners, and KFin Technologies Ltd. is the registrar for the offer.
The company will not receive any proceeds from the offer for sale. The funds raised through the IPO will be used to repay outstanding borrowings made by the company's subsidiaries, as well as for general corporate purposes.
Vishal Mega Mart
SEBI has approved the pre-filings of Vishal Mega Mart Ltd. Kotak Mahindra Capital Co. is the coordinating lead manager. Earlier, SEBI had returned the preliminary papers filed by the company.
It had cited non-compliance with Regulation 7(1)(a) of SEBI (Issue of Capital and Disclosure Requirements) Regulations for returning the draft papers of Vishal Mega Mart.
