Sebi nod for IPOs by Chemspec Chemicals, Northern Arc Capital
Chemspec Chemicals and Northern Arc Capital have received capital markets regulator Sebi's approval to raise funds through initial share sales.
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New Delhi: Chemspec Chemicals and Northern Arc Capital have received capital markets regulator Sebi's approval to raise funds through initial share sales.
The two companies had filed their preliminary IPO papers with the Securities and Exchange Board of India (Sebi) in July. Chemspec Chemicals and Northern Arc Capital obtained the regulator's observations on August 30 and September 3, respectively, an update with Sebi showed on Monday. In Sebi parlance, the issuance of observations implies its go-ahead for the initial public offering (IPO).
The Rs 700-crore IPO of Chemspec Chemicals is entirely an offer for sale by promoters, according to the draft red herring prospectus (DRHP). As per the draft papers, Northern Arc's IPO comprises a fresh issue of equity shares worth Rs 300 crore and an offer for sale of up to 36,520,585 equity shares by shareholders. The equity shares of both the companies will be listed on the BSE and NSE.
