Kalpataru Gets SEBI Nod for Rs 15.90 billion IPO

27 Nov 2024 CW Team

Real estate firm Kalpataru and Unimech Aerospace and Manufacturing have received approval from Sebi to raise funds through initial public offerings (IPOs), according to an update from the markets regulator on Monday. Kalpataru and Unimech Aerospace aim to raise Rs 15.90 billion and Rs 5 billion, respectively, through their initial share sale offers.

The two companies, which had submitted their preliminary papers to the markets regulator in August, received observations between November 21 and 22, the update indicated. In Sebi's terms, receiving the observations signifies its approval to launch the public issues.

The draft papers revealed that Mumbai-based Kalpataru's IPO consists of a fresh issue of shares worth up to Rs 15.90 billion. Of this, Rs 11.92 billion will be used for debt repayment.

Kalpataru is part of the Kalpataru group, which also includes Kalpataru Projects International, Property Solutions (India), and Shree Shubham Logistics.

Bengaluru-based Unimech Aerospace's proposed IPO is a combination of a fresh issue of equity shares valued at Rs 2.50 billion and an offer for sale (OFS) of up to Rs 2.50 billion by the promoter and the promoter group, as per the draft red herring prospectus (DRHP). The offer also includes a reservation for subscriptions by eligible employees.

The funds raised from the fresh issue will be allocated towards expansion, including the purchase of machinery and equipment, funding working capital, investing in its material subsidiary, paying off debt, and for general corporate purposes.

Unimech Aerospace is a high-precision engineering solutions company specializing in complex manufacturing for the aerospace, defence, energy, and semiconductor industries.

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