SEBI allows Shriram Properties to raise funds through 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