NTPC Green Energy — the renewable energy arm of NTPC, and Avanse Financial Services Ltd — an education-focused NBFC, has received Sebi’s go-ahead to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Monday.
NTPC Green Energy and Avanse Financial Services are looking to garner Rs 10,000 crore and Rs 3,500 crore through initial share-sales, respectively.
The two companies, which filed their preliminary IPO papers with Sebi between July and September, obtained their observations during October 22-23, the update showed.
In Sebi’s parlance, obtaining observations means its go-ahead to float the public issue.
NTPC Green Energy’s initial share-sale is entirely a fresh issuance of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP).
Of the total proceeds, Rs 7,500 crore will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd’s (NREL) outstanding loans
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