NEW DELHI, Mar 4: Belrise Industries and Paramesu Biotech have received Sebi’s go ahead to raise funds totalling Rs 2,750 crore through Initial Public Offerings (IPOs), an update with the markets regulator showed on Tuesday.
Individually, Belrise Industries and Paramesu Biotech are looking to mop-up Rs 2,150 crore and Rs 600 crore, respectively, through initial share-sales.
Sebi received preliminary IPO documents from these firms in November, and issued its observations during February 25 to 28, the update showed.
In Sebi’s parlance, obtaining the observations means it’s go-ahead to float the public issue.
Meanwhile, SFC Environmental Technologies and Advanced Sys-tek withdrew their draft IPO papers on February 27 without giving a reason. The preliminary documents were filed between December and February.
The withdrawals came amid a meltdown in the stock market.
As for automotive component maker Belrise Industries, its Rs 2,150 crore IPO is entirely a fresh issue of equity shares with no Offer For Sale (OFS) component, according to the Draft Red Herring Prospectus (DRHP).
The company intends to utilise proceeds worth Rs 1,618 crore for payment of debt.
As of June 2024, the firm had a borrowing of Rs 2,463 crore in its books.
Paramesu Biotech, a manufacturer of maize-based products, is looking to raise Rs 520 crore through fresh issue of shares and an OFS of shares to the tune of Rs 80 crore by promoter Unimark Business Solutions Private Ltd, the draft papers showed.
Proceeds from the fresh issue worth Rs 330 crore will be used for setting up a new plant of 1,200 TPD (tonnes per day) in Madhya Pradesh, Rs 85 crore for payment of debt and the rest towards general corporate purposes. (PTI)
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