Tata Technologies, Gandhar Oil, SBFC Finance get Sebi’s nod to float IPO

Tata Technologies, an arm of Tata Motors, Gandhar Oil Refinery (India) Limited and non-banking financial firm SBFC Finance, has secured Sebi’s approval from capital market regulator to raise funds through initial public offerings.

The three companies, which submitted their initial papers to SEBI between December 2022 and March 2023, obtained the regulator’s observations between June 21-23, according to an update by the markets watchdog on Tuesday.

In SEBI parlance, getting feedback means agreeing to put up an initial stock sale.

As per the draft papers, the Tata Technologies IPO is a Just Offer for Sale (OFS), in which the company will sell up to Rs 9.57 crore shares which is about 23.60 per cent of its paid-up share capital.

Under the OFS, Tata Technologies parent company Tata Motors will offload Rs 8.11 crore equity or 20 per cent stake in the company.

Among other shareholders, Alpha TC Holdings Pte plans to sell up to 97.16 thousand equity shares (2.40 percent) and the Tata Capital Growth I Fund which will offload up to 48.58 thousand equity shares (1.20 percent).

The Ghandar Oil Refinery IPO consists of a new issue of equity shares worth Rs 357 crore and an OFS of 1.2 crore shares by the promoters and existing shareholders, according to the draft red herring prospectus.

Market sources said the fundraising through the OFS component is expected to be Rs 500 crore.

Proceeds from the new issue component will be used to pay off debt and purchase equipment and civil works needed to expand the Silvassa plant’s motor oil capacity.

In addition, the funds will be used to expand Vaseline capacity and an associated beauty products division at the company’s Taloga plant as well as expand white oil capacity by installing blending tanks at the plant and fund working capital requirements.

Non-bank lender SBFC Finance is looking to raise Rs 1,200 crore through an IPO, which includes a new share issue worth Rs 750 crore and OFS worth Rs 450 crore.

Proceeds from the new issue of Rs. 750 crore will be used to increase the capital base.

NBB serves entrepreneurs, small business owners, the self-employed and salaried individuals.

The shares of these three companies will be listed on the Bahrain Stock Exchange and the New York Stock Exchange.

The Cyient DLM IPO is fully subscribed

The initial public offering of electronic manufacturing services company Cyient DLM received 2.65 times buy-in on the first day of the stock sale Tuesday.

ideaForge IPO 13.27x

Drone maker ideaForge Technology Limited’s initial public offering (IPO) was subscribed 13.27 times on the second day of the stock sale Tuesday.

(Only the title and image for this report may have been reworked by the Business Standard staff; the rest of the content is generated automatically from a shared feed.)