SEBI Clears IPOs Of Aegis Vopak Terminals, Seshaasai Technologies; Details Here
Aegis Vopak Terminals Ltd. and Seshaasai Technologies Ltd. have received approval from the Securities and Exchange Board of India to raise funds through an initial public offering.
The market regulator on Tuesday issued observations to the draft IPO papers filed by these companies. In SEBI's parlance, obtaining the observations means its go-ahead to float the public issue.
About Aegis Vopak Terminals IPO
Aegis Vopak Terminals applied for an IPO in November. The issue contains a fresh issue of Rs 3,500 crore and no offer for sale component. The company was established as a joint venture between Aegis Logistics Ltd. and Vopak India BV, a part of Netherlands-based Royal Vopak.
The company is a third-party owner and operator of tank storage terminals in India for liquified petroleum gas and liquid products. It operates a network of storage tank terminals having an aggregate storage capacity of approximately 1.50 million cubic meters for liquid products and 70,800 metric tons of static capacity for LPG as of June 30, 2024.
It also offers secure storage facilities and associated infrastructure for liquids such as petroleum, vegetable oil, lubricants, and various categories of chemicals and gases such as LPG (including propane and butane).
The proceeds from the IPO will be used for repayment of outstanding borrowings, funding capital expenditure towards contracted acquisition of the cryogenic LPG terminal at Mangalore and general corporate purposes.
About Seshaasai Technologies IPO
Seshaasai Technologies filed the draft red herring prospectus with the SEBI in January to raise funds through an initial public offering.
The IPO will be a mix of both an offer for sale of 78.7 lakh shares and a fresh issue of shares worth Rs 600 crore, according to the DRHP.
Promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain will be offloading their shares, with each of the promoters receiving the net proceeds from the OFS. The technology solutions provider will not obtain any proceeds from the offer for sale carried out by the promoters.
The net proceeds received from the fresh issue will be utilised by Seshaasai for expanding its present manufacturing units, repayment or prepayment of its outstanding borrowings and general corporate purposes.
Besides, SEBI has kept the IPO of WeWork India Management Ltd. under review. It also returned draft papers of Rajputana Stainless Ltd.
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