Balaji Solutions, Enviro Infra Engineers get Sebi nod to float IPO
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New Delhi: IT hardware and mobile accessories firm Balaji Solutions and Enviro Infra Engineers, which provides solutions for waste-water treatment, have received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs).
The two companies, which filed their preliminary IPO papers with Sebi during August and September 2022, obtained the observation letters on January 23, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi's parlance, receiving an observation letter from the regulator implies it's go-ahead to float the initial share-sale.
According to the draft red herring prospectus (DRHP), Balaji Solutions' public issue consists of a fresh issue of equity shares worth up to Rs 120 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by a promoter and a promoter-group entity. Under the OFS, Rajendra Seksaria, and Rajendra Seksaria HUF will offload shares.
The company may consider a pre-IPO placement aggregating up to Rs 24 crore. If such placement is completed, the fresh issue size will be reduced. Proceeds from its fresh issuance worth Rs 86.60 crore will be utilized for funding incremental working capital requirements of the company, and general corporate purposes.
Balaji Solutions is an IT hardware & peripherals and mobile accessories company engaged in the business of manufacturing and branding of products under its flagship brand "Foxin".
