The Securities and Exchange Board of India (Sebi) has given the nod to initial public offerings (IPOs) for four companies, paving the way for Fedbank Financial Services, Indian Renewable Energy Development Agency (IREDA), EPACK Durable, and Suraj Estate Developers to list their shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Fedbank Financial Services, commonly known as Fedfina, is set to issue fresh equity shares up to ₹750 crore in addition to an offer for sale (OFS) of 7.03 crore equity shares. In this OFS, Federal Bank will offload 1.65 crore shares, while True North Fund VI LLP will divest 5.38 crore shares. The capital raised through this IPO will serve to bolster Fedfina's Tier-I capital base to meet future capital requirements.
IREDA, which operates under the Ministry of New and Renewable Energy, plans an IPO that includes a fresh issue of up to 40.31 crore equity shares and an OFS of up to 26.88 crore equity shares by the President of India. The proceeds from this offering are intended for capital augmentation and further lending activities within the renewable energy sector.
The IPO for EPACK Durable includes a fresh issuance of equity shares amounting to ₹400 crore along with an OFS of 1.3 crore equity shares by promoters and investor shareholders India Advantage Fund S4 I and Dynamic India Fund S4 US 1. The funds from this IPO are earmarked for establishing manufacturing facilities, repaying loans, and supporting general corporate objectives.
Lastly, Suraj Estate Developers is planning a fresh issue of equity shares worth up to ₹400 crore. The Mumbai-based real estate firm aims to allocate the raised funds towards repaying debt for itself and its subsidiaries Accord Estates and Iconic Property Developers, acquiring land, and covering general corporate expenses.
These four firms had submitted their preliminary IPO paperwork between July and September, with Sebi's observation letters provided from October 30 to November 10, indicating compliance with regulatory standards necessary for public offerings. With Sebi's approval secured, these companies are now positioned to advance with their public listings on India's major stock exchanges.
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