DAM Capital Advisors Ltd. received Securities and Exchange Board of India's approval on Tuesday for its initial public offering.
The IPO comprises only an offer-for-sale component of 3.2 crore equity shares. The net proceed will be entirely received by the promoter selling the stake after deducting their proportion of the offer expenses and the required taxes.
Dharmesh Anil Mehta is offloading 42.41 lakh shares, as per the draft red herring prospectus.
Multiples Alternate Asset Management Pvt. Ltd is set to offload 88 lakh shares, followed by Narotam Satyanarayan Sekhsaria offloading 70.69 lakh shares, RBL Bank Ltd. with 68.31 lakh shares, and Easyaccess Financial Services Ltd. with 51.24 lakh shares.
Notably, DAM Capital Advisors filed the papers for its IPO with the capital markets regulator on Sept. 09, 2024.
Nuvama Wealth Management Ltd. is the book-running lead manager for the issue, whereas Link Intime India Pvt. is the registrar.
The company will determine the price band for the offer after consulting with the book running lead managers.
Post the IPO, the company will be listed on India's two main exchanges—the NSE and the BSE.
SEBI Returns M&B Engineering DRHP
SEBI has returned the DRHP of M&B Engineering Ltd., which had filed for an IPO on Sept. 25 to raise up to Rs 653 crore.
The proposed IPO includes a fresh issue of shares worth up to Rs 325 crore and an offer-for-sale component of Rs 328 crore, as outlined in the DRHP. The shares would be offered at a face value of Rs 10 each.
The OFS will see the company's promoters and members of the promoter group offloading their stakes. Notable shareholders participating in the offer include Girishbhai Manibhai Patel, who plans to sell shares worth Rs 132.6 crore, Chirag Hasmukhbhai Patel with Rs 110 crore worth of shares, and Birva Chirag Patel, who will offload shares worth Rs 37.5 crore.
Other selling shareholders include Umaben Girishbhai Patel (Rs 15 crore), Aditya Vipinbhai Patel (Rs 13 crore), Vipinbhai Kantilal Patel (Rs 12.3 crore), and Leenaben Vipinbhai Patel (Rs 7.5 crore).
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