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Muthoot Microfin, Flair Writing, Happy Forgings get Sebi’s nod for IPOs
Three companies -- Muthoot Microfin, Flair Writing Industries, and Happy Forgings -- have received capital market regulator Sebi's approval to raise funds through initial public offerings (IPOs).
The three companies, which filed their respective preliminary IPO papers with Sebi during July and August, obtained the regulator's observation letters on October 23-27, an update with the markets watchdog showed on Monday.
In Sebi's parlance, obtaining an observation letter means it is the go-ahead to launch the public issue.
Shares of these companies are proposed to be listed on the NSE and BSE.
As per the draft papers, Muthoot Microfin's public issue will comprise a fresh issue worth up to Rs 950 crore and an offer for sale (OFS) to the tune of Rs 400 crore.
Through the OFS route, various stakeholders plan to offload shares worth Rs 400 crore. While Greater Pacific Capital WIV Ltd proposes to offload equities worth up to Rs 100 crore, Thomas John Muthoot, Thomas Muthoot and Thomas Geor