Sathya Agencies, Kanohar Electricals And Torrent Gas Receive SEBI Nod To Launch IPOs

New Delhi, June 25: Consumer electronics retailer Sathya Agencies, transformer manufacturer Kanohar Electricals and Torrent Gas have secured the Securities and Exchange Board of India's (Sebi) approval to raise funds through initial public offerings (IPOs), an update with the regulator showed on Thursday.

Sebi Clears Three IPOs

Sathya Agencies and Kanohar Electricals filed preliminary IPO papers with Sebi in March and January, respectively, while Torrent Gas confidentially submitted draft papers with the regulator in March.

After reviewing the draft papers submitted by these firms, the regulator gave its "observations" during June 22-25, which, in Sebi's parlance, is equivalent to a go-ahead to float the public issue.

According to the draft papers, Sathya Agencies is aiming to raise Rs 600 crore through an IPO, comprising a fresh issue of equity shares aggregating Rs 300 crore and an offer for sale (OFS) of equity shares worth Rs 300 crore by the promoters.

The OFS includes the sale of shares by promoters Johnson Asaria, J. John Sathya and Charles Packiaraj. Each of them will offload equity shares valued at Rs 100 crore.

The Tamil Nadu-based company proposes to utilise the proceeds from the fresh issue towards repayment or prepayment of certain borrowings, payment of partial purchase consideration for the acquisition of its subsidiary, Unilet Appliances Private Limited, and for general corporate purposes.

Expansion And Growth Plans

Kanohar Electricals' proposed IPO comprises a fresh issue of shares valued at Rs 300 crore and an OFS of 1.45 crore shares by promoter K Sons Family Trust. The company plans to use the fresh issue proceeds for business growth and working capital requirements.

This includes purchasing new machinery and equipment for its Gangol manufacturing facility, civil and interior work for an office building, backward integration and automation, and sustainability initiatives such as installing solar power plants and purchasing electric vehicles for clean material movement around the factory.

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Torrent Gas Files Confidentially

Torrent Gas, which operates in the city gas distribution segment, filed IPO papers with Sebi through the confidential route. The confidential filing route allows companies to submit draft offer documents to Sebi for review without immediately disclosing sensitive business information to the public.

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