Polymer manufacturer Sah Polymers and leading wine producer Sula Vineyards have received capital markets regulator Sebi’s approval to raise funds through initial public offerings (IPOs).
The two companies, which had filed preliminary IPO papers with the Securities and Exchange Board of India (Sebi) during April and July 2022, obtained observations during October 31-November 3, an update with the regulator showed on Monday.
In Sebi’s parlance, the regulator’s observation means its go-ahead to launch an initial share sale.
Going by the draft papers, Sah Polymers’ IPO will be a fresh issue of 1,02,00,000 equity shares, with no offer-for-sale component.
The company proposes to utilise net proceeds from the fresh issuance of equity shares towards manufacturing of new Flexible Intermediate Bulk Containers (FIBC) plant and expansion of production capacity; funding working capital requirements for the new project; and payment of certain debt.
The Udaipur-based company is primarily engaged
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