SEBI Scraps IPO Papers Of Vishal Mega Mart, Sai Life Sciences And Two Others

The Securities and Exchange Board of India has returned the preliminary papers that were filed by Vishal Mega Mart Ltd. and Sai Life Sciences Ltd. and two others to raise funds via an initial public offering.

The capital markets watchdog approved the IPO papers of four companies, including P N Gadgil Jewellers Ltd. and KRN Heat Exchanger & Refrigeration Ltd., according to a statement on Tuesday.

It cited non-compliance with Regulation 7(1)(a) of SEBI (Issue of Capital and Disclosure Requirements) Regulations for returning the draft papers of Avanse Financial Services Ltd., Vishal Mega Mart and Sai Life Sciences. The regulation ensures that the company has made an application to one or more stock exchanges to seek in-principle approval for listing of its securities and has chosen one of them as the designated stock exchange.

BMW Ventures Ltd. is the other company whose preliminary papers were returned. But there was no reason given for it.

TPG Group-backed Sai Life Sciences' IPO consisted of a fresh issue of equity shares worth Rs 800 crore and an offer for sale of 6.15 crore shares, according to the draft red herring prospectus.

The IPO of Avanse Financial Services, backed by private equity major Warburg Pincus, consists of a fresh issue worth Rs 1,000 crore and an OFS of up to Rs 2,500 crore.

The market regulator gave a green light for the IPO of P N Gadgil Jewellers KRN Heat Exchanger & Refrigeration, Ecos India Mobility and Hospitality Ltd., and Premier Energies Ltd.

In SEBI's parlance, obtaining the observation letters means it is going ahead to float the public issue.

Premier Energies' proposed IPO is a combination of a fresh issue of equity shares worth Rs 1,500 crore and an OFS of up to 2.82 crore shares.

The Rs 1,100-crore IPO of jewellery retail chain P N Gadgil Jewellers is a combination of a fresh issue of equity shares worth up to Rs 850 crore and an OFS of equity shares to the tune of Rs 250 crore.