Dr Agarwal's Health Care Ltd., Casagrand Premier Builder Ltd., Highway Infrastructure Ltd. and Regreen-Excel EPC India received approval from the Securities and Exchange Board of India on Wednesday to raise funds through an initial public offering.
The four companies, which submitted their draft papers to SEBI between September and October, received observation letters in December, according to a circular from the capital markets regulator. In SEBI's terminology, an observation letter signifies its clearance for a company to proceed with the launch of its IPO.
Agarwal's Health Care
Going by the draft papers of Temasek Holdings and TPG-backed Dr Agarwal's Health Care, the eye care services provider had filed for an IPO with a mix of a fresh issue of up to Rs 300 crore and an offer for sale of up to 6.96 crore equity shares.
The proceeds from the fresh issue will be used for repayment/prepayment, in part or full, of certain of its borrowings, general corporate purposes and unidentified inorganic acquisition.
Casagrand Premier
Casagrand Premier Builder will raise Rs 1,100 crore through the IPO, which consists of a fresh issue of up to Rs 1,000 crore and an OFS of Rs 100 crore. Promoter Arun MN, Casagrand Luxor Pvt., will offload shares via the OFS route.
The Chennai-based real estate developer will use the net proceeds from the fresh issue for prepayment or repayment of certain outstanding borrowings by Casagrand and its subsidiaries, as well as for general corporate purposes.
Highway Infrastructure
Highway Infrastructure's IPO is a combination of fresh issuance of equity shares worth Rs 105 crore, and an OFS of 31 lakh equity shares by promoters Arun Kumar Jain, and Anoop Agrawal.
The Madhya Pradesh-based toll collection and EPC infra company will utilise proceeds from the fresh issue towards working capital requirements and general corporate purposes.
Regreen-Excel EPC
Ethanol plants manufacturer Regreen-Excel EPC India's IPO consists of a fresh issue of Rs 350 crore and an OFS of 1.14 crore shares.
Of the proceeds from the fresh issue, Rs 180 crore will be utilised for capital expenditure, Rs 55 crore for re-payment of debt and Rs 38 crore for funding margin money requirements for the purpose of availing bank guarantees and the rest for general corporate purposes.
The capex will involve purchase of machinery, equipment, related civil work, software design and project management.
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