IPO Bound: Hema Malini-Promoted Kent RO And Three Others Get SEBI Nod
Others that have got IPO approvals are Vidya Wires, Karamtara Engineering and Mangal Electrical.
Kent RO Systems Ltd., Vidya Wires Ltd., Karamtara Engineering Ltd., Mangal Electrical Industries Ltd. have received the go-ahead from the Securities and Exchange Board of India for their initial public offerings. The market regulator issued its observation letter between June 3 to June 6, which in SEBI parlance means final approval.
On the other hand, Sai Infinium Ltd. has withdrawn its IPO document on June 4.
Kent RO Systems
Kent RO Systems had filed its preliminary papers for an initial public offering with the Securities and Exchange Board of India earlier this year. The offer will include over one crore shares offloaded by promoters selling their stake via and an offer for sale.
The promoters selling their stake include Mahesh Gupta, Sunita Gupta and Varun Gupta. Among the three, Mahesh Gupta is selling the biggest chunk of the holding with 56,35,088 equity shares of face value of Rs 1 each going from his kitty. Sunita Gupta and Varun Gupta are selling 33,60,910 equity shares and 10,98,570 equity shares, respectively.
The company is planning the offer for sale of up to 10,094,568 equity shares of face value of Rs 1 each and achieve the benefits of listing the equity shares on the stock exchanges. The company will not receive any proceeds from the offer and all such proceeds will go to the promoter selling shareholders.
Vidya Wires
Vidya Wires filed its draft papers with the Securities and Exchange Board of India to raise funds via an initial public offering in January.
The maiden issue consists of a fresh issue of shares aggregating Rs 320 crore, with an offer-for-sale segment of one crore shares, according to the draft red herring prospectus.
Promoters Shyamsundar Rathi and Shailesh Rathi will offload 50 lakh each during the IPO. Shares of the company will be listed on the National Stock Exchange and the BSE, post the public offering.
Proceeds worth Rs 140 crore will be used for funding capital expenditure requirements for setting up new projects in their subsidiary, while Rs 100 crore will be utilised in debt repayment.
Karamtara Engineering
Karamtara Engineering filed its preliminary papers with the capital markets regulator SEBI to raise Rs 1,750 crore via an initial public offering earlier this year. The public offer will include mix of fresh issues of shares up to Rs 1,350 crore and an offer-for-sale up to Rs 400 crore by promoter and selling shareholders.
Tanveer Singh and Rajiv Singh are the promoters of the company offloading shares in the offer for sale.
Proceeds of the fresh issue to the tune of Rs 1,050 crore will be used towards payment of debt and a portion will be utilised for general corporate purposes.
Mangal Electrical Industries
The transformer components manufacturer filed preliminary papers for its initial public offering on December 2024.
The IPO is a fresh issue of shares worth Rs 450 crore. There is no offer-for-sale segment. Dates for anchor book and bidding for the issue are yet to be announced.
Promoters of the company include Rahul Mangal, Ashish Mangal, Saroj Mangal and Aniketa Mangal.
Around Rs 96 crore from the fresh issue proceeds will be used for repayment of borrowings availed by the company, while Rs 120 crore will be used as capital expenditure for expanding their Rajasthan facility, Rs 122 crore for funding working capital requirements, and the remaining for general corporate purposes, as per the draft red herring prospectus.
