SEBI allows Shriram Properties to raise funds through IPO

24 Jun 2021 CW Team

In April, the three companies filed preliminary papers with the Securities and Exchange Board of India (SEBI).

According to a SEBI update, Clean Science and Technology, Shriram Properties, and GR Infraprojects received SEBI's observations on June 12, June 15, and June 16, respectively.

For any company planning an initial public offering (IPO), follow-on public offering (FPO), or rights issue, SEBI's observation is required.

Clean Science and Technology, a speciality chemical company, is planning an initial public offering (IPO) to raise Rs 1,400 crore.

According to the draft red herring prospectus, the IPO is entirely an offer for sale (OFS) by existing promoters and other shareholders.

Functionally critical specialty chemicals, such as performance chemicals, pharmaceutical intermediates, and FMCG chemicals, are manufactured by Clean Science Technology.

Customers use its products as key starting materials, inhibitors, or additives in their products.

Shriram Properties, based in Bengaluru, intends to raise Rs 800 crore through an initial public offering (IPO).

Of the total IPO size, the company plans to raise Rs 250 crore through a new issue of equity shares and Rs 550 crore via an offer for sale.

TPG Capital, Tata Capital, Walton Street Capital, and Starwood Capital, which own a combined 58 % of Shriram Properties, have proposed partial exits.

Each of the selling shareholders will be entitled to a portion of the proceeds from the offer for sale in proportion to the shares they offered in the offer for sale. The company will not receive any proceeds from the sale of the company.

Shriram Properties intends to use the net proceeds from the new issue to repay and or prepay debt, as well as for general corporate purposes.

GR Infraprojects, based in Udaipur, is a leading integrated road engineering, procurement, and construction (EPC) company with experience designing and constructing road and highway projects in 15 Indian states. It has recently expanded into railway-related projects.

These companies' equity shares are expected to be listed on the BSE and NSE.

Image Source

Also read: Adani plans to launch IPO of its airport business

Also read: Penna Cement files DRHP with SEBI for Rs 1,550 cr IPO

Clean Science and Technology, Shriram Properties, and GR Infraprojects have all received approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPOs). In April, the three companies filed preliminary papers with the Securities and Exchange Board of India (SEBI). According to a SEBI update, Clean Science and Technology, Shriram Properties, and GR Infraprojects received SEBI's observations on June 12, June 15, and June 16, respectively. For any company planning an initial public offering (IPO), follow-on public offering (FPO), or rights issue, SEBI's observation is required. Clean Science and Technology, a speciality chemical company, is planning an initial public offering (IPO) to raise Rs 1,400 crore. According to the draft red herring prospectus, the IPO is entirely an offer for sale (OFS) by existing promoters and other shareholders. Functionally critical specialty chemicals, such as performance chemicals, pharmaceutical intermediates, and FMCG chemicals, are manufactured by Clean Science Technology. Customers use its products as key starting materials, inhibitors, or additives in their products. Shriram Properties, based in Bengaluru, intends to raise Rs 800 crore through an initial public offering (IPO). Of the total IPO size, the company plans to raise Rs 250 crore through a new issue of equity shares and Rs 550 crore via an offer for sale. TPG Capital, Tata Capital, Walton Street Capital, and Starwood Capital, which own a combined 58 % of Shriram Properties, have proposed partial exits. Each of the selling shareholders will be entitled to a portion of the proceeds from the offer for sale in proportion to the shares they offered in the offer for sale. The company will not receive any proceeds from the sale of the company. Shriram Properties intends to use the net proceeds from the new issue to repay and or prepay debt, as well as for general corporate purposes. GR Infraprojects, based in Udaipur, is a leading integrated road engineering, procurement, and construction (EPC) company with experience designing and constructing road and highway projects in 15 Indian states. It has recently expanded into railway-related projects. These companies' equity shares are expected to be listed on the BSE and NSE. Image Source Also read: Adani plans to launch IPO of its airport business Also read: Penna Cement files DRHP with SEBI for Rs 1,550 cr IPO

Infrastructure Energy

23 Oct 2025

GAIL to Set Up Bengaluru CBG Plant Under New Concession Pact

GAIL (India) Limited has signed a 20-year concession agreement with the Bengaluru City Municipal Corporation (BBMP) to set up a compressed biogas (CBG) plant in the city. The project, expected to produce around 10 tonnes of CBG daily, will utilise municipal solid waste as feedstock, contributing to clean energy generation and efficient waste management. The CBG produced will be used in GAIL’s City Gas Distribution network to promote cleaner fuel usage. The initiative aligns with the government’s Sustainable Alternative Towards Affordable Transportation (SATAT) scheme and GAIL’s broader ..

Infrastructure Energy

23 Oct 2025

Uttarakhand HC Lifts 31-Year Ban on ONGC’s Contractual Hiring

The Uttarakhand High Court has lifted a 31-year-old ban on the Oil and Natural Gas Corporation (ONGC) from hiring contractual workers, a restriction imposed in 1993. The decision enables ONGC’s Dehradun establishment to employ personnel on a contractual basis to meet operational requirements. The long-standing prohibition had limited ONGC’s ability to fill vacancies in its technical and administrative departments, often leading to project delays and higher dependence on outsourcing. With the court’s directive, the public sector enterprise can now proceed with temporary recruitments whil..

Infrastructure Energy

23 Oct 2025

JSW Energy’s Utkal Unit Bags 400 MW, 25-Year Power Supply Deal

JSW Energy Limited announced that its subsidiary, JSW Energy (Utkal) Limited, has secured a Letter of Award (LoA) from Karnataka’s Power Company of Karnataka Limited (PCKL) for the supply of 400 MW of electricity for 25 years. The agreement is part of a competitive bidding process for long-term procurement of power to meet the state’s growing energy demand. The 400 MW capacity will be supplied from JSW Energy’s upcoming thermal power project in Odisha. This development strengthens JSW Energy’s presence in the southern market and aligns with its strategy to enhance long-term contracte..