Le Travelues Technology Ltd., which operates travel platform Exigo, has received the approval of market regulator SEBI. 1,600 crore through initial share-sale.
In addition, cardiac stent maker Sahajanand Medical Technologies and food and beverage major Kventor Agro have received regulatory approval from SEBI to issue their initial public offering (IPO).
These three companies, which filed their initial IPO papers with Sebi between August and September, received observation letters from the regulator during December 16-17, showed an update with the market regulator on Monday.
In SEBI parlance, issue of observation sheet means proceeding for IPO.
As per the draft papers, Le Travenues Technology’s IPO involves fresh issuance of shares worth Rs. 750 crore and offer-for-sale (OFS) of equity shares 850 crore by existing shareholders.
As part of the OFS, SAIF Partners will sell the shares of India IV 550 crore, Micromax will sell shares for Informatics 200 crores and Alok Bajpayee and Rajnish Kumar will sell the value of stake 50 crores each.
Saif Partners currently holds 23.97 per cent, Micromax 7.61 per cent, Alok Bajpayee 9.18 per cent and Rajnish Kumar 8.79 per cent in the company.
The proceeds from the new issue will be used to fund the company’s organic and inorganic growth initiatives and general corporate objectives.
The initial share-sale of Sahajanand Medical Technologies includes fresh issuance of equity shares 410.33 crore and offer for sale of equity shares 1,089.67 crore by selling to shareholders.
Under the OFS will sell the shares of Samara Capital Markets Holding 635.56 crore and Napia Sparkle Holdings B.V. 320.36 crores, others.
Presently, Samara Capital holds 36.59 per cent in the company and NHPEA Sparkle Holding BV holds 18.44 per cent in the firm.
The company may consider pre-IPO placement of equity shares, which would be 185 crores. If such placement is done, the size of the new issue will be reduced.
The proceeds from the fresh issue will be used to pay off debt, meet working capital requirements of Vascular Innovation Company Limited, an indirect foreign subsidiary of the Company, and for general corporate purposes.
Kventor Agro IPO includes fresh issue of equity shares 350 crore and offer for sale of 10,767,664 equity shares by Mandla Swede SPV.
The proceeds from the fresh issue will be used to clear the debt and meet the incremental capital expenditure requirements of the company.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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