Three companies — Indo Farm Equipment Ltd, Vibhor Steel Tubes Ltd, and Saraswati Saree Depot Ltd — have filed preliminary papers with capital markets regulator Sebi to raise funds through Initial Public Offerings (IPOs).
Shares of these companies will be listed on the BSE and the NSE, as per draft papers filed with the Securities and Exchange Board of India (Sebi) on September 28 and 29.
The proposed IPO of Indo Farm Equipment comprises fresh issue of 1.05 crore equity shares and an Offer For Sale (OFS) of 35 lakh equity shares by promoter Ranbir Singh Khadwalia.
Proceeds from the fresh issue will be used to set up new dedicated unit for expansion of the company’s pick and carry cranes manufacturing capacity, payment of debt, investment in the company’s NBFC subsidiary Barota Finance.
Indo Farm Equipment manufactures tractors, pick and carry cranes, and other farm equipment.
Vibhor Steel Tubes’ maiden public issue is entirely a fresh issue of equity shares worth Rs 66.47 crore.
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