Two companies -- Stallion India Fluorochemicals Ltd and Shree Tirupati Balajee Agro Trading Company-- have filed preliminary papers with capital markets regulator Sebi to raise funds through initial public offerings.
Both the companies' proposed IPOs are a combination of a fresh issue of equity shares and an offer for sale (OFS) by promoters, according to the company's respective draft red herring prospectus (DRHP) filed on Wednesday.
Maharashtra-based Stallion India Fluorochemicals' IPO comprises a fresh issue of 1.78 crore equity shares and OFS of over 43 lakh equity shares by promoter Shazad Sheriar Rustomji.
Proceeds from the fresh issue will be used to fund the working capital requirements of the company, funding capital expenditure requirements for its facility in Maharashtra and support capital expenditure requirements for refrigerant debulking and blending facility in Andhra Pradesh.
Stallion India Fluorochemicals is in the business of selling refrigerant gases, industrial gases and related products. The company's primary business consists of debulking, blending and processing refrigerant and Industrial gases and selling pre-filled cans.
The IPO of Shree Tirupati Balajee Agro Trading Company is a mix of 1.47 crore equity shares and an OFS of 56.9 lakh equity shares by a promoter Binod Kumar Agarwal.
The Madhya Pradesh-based firm said funds from the fresh issue will be utilised for repayment of debt and to support the working capital requirements of the company and subsidiaries.
Shree Tirupati Balajee Agro Trading Company is involved in the business of manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs)-- large flexible bags and other industrial packaging products, such as woven sacks and woven fabrics.
Shares of both companies will be listed on the BSE and NSE.
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