ArisInfra Gets Nod For Rs 600-Cr IPO

ArisInfra Solutions Ltd has received Sebi’s go ahead to raise Rs600 crore through an initial public offering (IPO), an update with the markets regulator showed. The proposed IPO is entirely a fresh issue of equity shares and with no offer-for-sale (OFS) component, according to the draft red herring prospectus.

The company, which filed preliminary IPO papers with Sebi in August, obtained its observation on November 13, the update showed. In Sebi's parlance, obtaining observations means its go ahead to float the public issue. As per the draft papers, the Mumbai-based company plans to utilise proceeds of the issue for funding the working-capital requirements of the company, investment in subsidiary, Buildmex-Infra, repayment of loan and for general corporate purposes.