New Delhi | Capital markets regulator Sebi has sought clarification from merchant bankers of three companies including Thyrocare Technologies regarding their proposed initial public offerings.
KPR Agrochem and Nihilent Technologies are the other two companies from which Sebi has sought information. Without disclosing the details of clarifications sought, Sebi has said that it is awaiting response from ‘Lead Managers’ for the proposed public offers.
According to the latest weekly update on the processing status of draft offer documents, Sebi has said clarifications were awaited on the IPO of these three companies as on January 22, 2016. The next update would be uploaded on Sebi’s website on February 1.
Sebi said it might issue observations on draft offer documents within 30 days, after receiving satisfactory reply from the lead merchant bankers regarding the clarification or additional information sought from them.
These companies had filed draft offer document with Sebi last month. Most of these companies plans to utilise IPO proceeds for business expansion plans and working capital requirements. Since the beginning of the year, as many as five firms — Mahanagar Gas, GVR Infra Projects, Maini Precision Products, Equitas Holding and G N A Axles — have received Sebi’s approval to launch their IPOs.
As per the draft papers, Thyrocare Technologies, which runs a diagnostic laboratory chain across the country, plans to come out with a public issue of up to 10,744,708 equity shares.
Pune-based Nihilent Technologies is looking to garner Rs 140 crore through the issue as up to 24,38,199 shares will be offloaded by the existing shareholders.
KPR Agrochem’s IPO comprises fresh issue of equity shares worth Rs 180 crore and an offer for sale of up to 50 lakh shares. PTI SP ADI SA 01271452