New Delhi: Human resources firm Genius Consultants and automotive component maker Varroc Engineering have received markets regulator Sebi’s go ahead to float initial public offerings.
Genius Consultants and Varroc Engineering obtained Sebi’s “observations” on June 4 and June 6, respectively. The two companies had filed their respective draft papers with the regulator in March, as per the latest update with markets watchdog.
Sebi’s observations are necessary for any company to launch public offers such as rights issue, initial public offer (IPO) and follow-on public offer (FPO).
With these, the total number of companies that received Sebi’s approval to launch initial share-sales reached 22 so far this year.
Going by the draft papers, Genius Consultants’ IPO comprises fresh equity worth Rs 170 crore, besides, one million shares of promoter Rajendra Prasad Yadav.
Proceeds of the issue will be utilised for strategic acquisitions and similar initiatives; upgrading information technology infrastructure, setting up branch offices and working capital requirements.
SBI Capital Markets and Yes Securities (India) are merchant bankers managing the IPO.
Varroc Engineering’s public issue will see sale of up to 1,85,36,600 shares by the company’s promoter, as per preliminary papers.
The offer will help to achieve the benefits of listing the equity shares on the stock exchanges.
Kotak Mahindra Capital Company, Citigroup Global Markets India, Credit Suisse Securities (India) and IIFL Holdings will manage the company’s IPO.