Mouri Tech, Amanta Healthcare Withdraw IPOs
The IPO offer documents were withdrawn in December with no reasons disclosed.
IT solution provider Mouri Tech and Ahmedabad-based pharmaceutical company Amanta Healthcare have pulled back their initial public offerings.
Both companies had submitted their draft red herring prospectus for the proposed IPOs to the Securities and Exchange Board of India in September and October. However, the IPO offer documents were withdrawn in December last year, with no reasons disclosed, as per an update from SEBI on Wednesday.
According to the draft papers, Mouri Tech's proposed IPO, based in Hyderabad, was set to include a fresh equity issue of Rs 440 crore and an offer for sale of Rs 1,060 crore by promoters and an existing shareholder.
Under the OFS, promoters Sujai Paturu and Anil Reddy Yerramreddy were to sell shares worth Rs 615 crore and Rs 316 crore, respectively. Existing shareholder Srinivasu Rao Sandaka intended to sell shares valued at Rs 129 crore.
The fresh issue proceeds, amounting to Rs 165 crore, were to be used for debt repayment of its subsidiary MT USA, with Rs 125 crore allocated for working capital needs. The remaining funds were planned for inorganic growth through unidentified acquisitions and general corporate purposes.
Mouri Tech has a presence in the US, Europe, west Asia, Africa and India, with delivery centres in Telangana, Karnataka, Tamil Nadu, Maharashtra and other locations.
As per the DRHP, Amanta Healthcare's proposed public issue was entirely a fresh issue of 1.25 crore equity shares.
The company manufactures medical devices and sterile liquid products - parenteral products, which are used in cases where patients cannot intake drugs through the oral route or when the drugs are not suitable for oral intake.
Incorporated in 1994, Bhavesh Patel-promoted Amanta has 113 active product registrations with international authorities.
(With PTI Inputs)
