Sebi nod for 2 IPOs

Fincare Small Finance Bank Ltd and logistics company Western Carriers (India) Ltd have received capital markets regulator Sebi’s approval to raise funds through Initial Public Offerings (IPOs).

The two firms, which filed preliminary IPO papers with the Securities and Exchange Board of India (Sebi) between May and June, obtained the regulator’s observation letters during September 15-22, an update with the watchdog showed on Tuesday. In Sebi's parlance, obtaining its observation letter means its clearance to float the public issue. Going by the draft paper, Fincare Small Finance Bank’s IPO comprises a fresh issue of equity shares worth up to Rs625 crore and an Offer For Sale (OFS) aggregating up to 1.7 crore equity shares by a promoter and investors.

Those selling shares in the OFS are promoter Fincare Business Services Ltd, and investors Wagner, True North Fund V LLP, Indium IV (Mauritius) Holdings Ltd, Omega TC Holdings PTE Ltd and Leapfrog Rural Inclusion (India) Ltd. Besides, Kotak Mahindra Life Insurance Company, Edelweiss Tokio Life Insurance Company, Bharti AXA Life Insurance Company, Silver Leaf Oak (Mauritius) Ltd, Tata Capital Financial Services Ltd and Zuno General Insurance (formerly known as Edelweiss General Insurance Company) are the investors selling shares in OFS.