Sebi nod for 3 IPOs

Mumbai: Three companies — Clean Science and Technology, Shriram Properties and GR Infraprojects — have received markets regulator Sebi's to raise funds through initial public offers (IPOs).

The three firms had filed their preliminary papers with Securities and Exchange Board of India (Sebi) in April. Clean Science and Technology, Shriram Properties and GR Infraprojects have obtained Sebi's observations on June 12, June 15 and June 16 respectively, according to an update with Sebi.

Sebi's observation is very necessary for any company to launch an initial public offer (IPO), follow-on public offer (FPO) and rights issue. Speciality chemical manufacturer Clean Science and Technology plans to raise Rs 1,400 crore through its initial share sale. The IPO is entirely an offer for sale (OFS) by existing promoters and other shareholders, according to draft red herring prospectus. Those offering shares in the OFS include Anantroop Financial Advisory Services, Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi, and Parth Ashok Maheshwari. Clean Science Technology manufactures functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals. Its products are used as key starting level materials, as inhibitors, or as additives, by customers, for products. Bengaluru-based Shriram Properties proposes to raise up to Rs 800 crore through IPO. Out of the total IPO size, it plans to raise Rs 250 crore through fresh issue of equity shares and Rs 550 crore through offer for sale.

Shriram Properties has proposed partial exits to its four existing investors — TPG Capital, Tata Capital, Walton Street Capital and Starwood Capital — which hold around 58 per cent stake in the company. In offer for sale, each of the selling shareholders will be entitled to their respective portion of the proceeds from the offer for sale in proportion of the shares offered by them.