Eight companies, including Eldeco Infrastructure and Properties and Associated Power Structures, have received approval to raise funds through initial public offerings, according to a regulatory update released on Friday.
Companies Receiving IPO Clearance
The other companies that secured approval include HD Fire Protect Ltd, Xtranet Technologies, Parijat Industries India Ltd, Rotomag Enertec, CSM Technologies, and AITMC Ventures Ltd.The eight companies had filed their preliminary IPO papers between September and October and received observations between January 28 and January 30. In regulatory terms, these observations indicate clearance to proceed with a public issue.
Eldeco Infrastructure and Properties IPO Structure
Haryana based real estate developer Eldeco Infrastructure and Properties plans a public issue comprising a fresh issue of shares worth Rs 800 crore along with an offer for sale of up to Rs 200 crore by promoters.Out of the fresh issue proceeds, Rs 600 crore will be utilised to repay debt availed by Eldeco Infracon Realtors Ltd, a subsidiary of the company. The remaining funds will be used for general corporate purposes.
Associated Power Structures Issue Details
According to the draft papers, Associated Power Structures proposes an IPO comprising a fresh issue of equity shares worth Rs 400 crore and an offer for sale of around 71.43 lakh equity shares by promoters.HD Fire Protect IPO
Mumbai based HD Fire Protect Ltd, a manufacturer and supplier of firefighting products, has proposed an IPO that is entirely an offer for sale of 26,284,500 equity shares by promoters.Parijat Industries India Public Issue
Agrochemical company Parijat Industries India Ltd plans a public issue comprising a fresh issue of shares worth Rs 160 crore and an offer for sale of 2.04 crore shares by promoters and other existing shareholders.Proceeds from the fresh issue worth Rs 121.6 crore will be used for debt repayment, while the remaining amount will be allocated for general corporate purposes.
Rotomag Enertec IPO Plan
Gujarat based industrial drive solutions and renewable energy products company Rotomag Enertec has proposed an IPO comprising a fresh issue of shares worth Rs 500 crore and an offer for sale of up to 24,040,162 equity shares by promoter selling shareholders.CSM Technologies Issue Details
Bhubaneswar based CSM Technologies has proposed a public issue consisting entirely of a fresh issue of 1.29 crore equity shares, with no offer for sale component.The proceeds from the issue will be utilised to fund growth initiatives, strengthen technological infrastructure, repay debt, and meet general corporate requirements.
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