Premier Energies, P N Gadgil Jewellers, 2 others get Sebi's go-ahead to float IPOs
Premier Energies Ltd and P N Gadgil Jewellers Ltd, have received Sebi's go-ahead to raise funds through Initial Public Offerings (IPOs), an update with the markets regulator showed on Tuesday. The other two firms that obtained the regulator's clearance to float initial share sales are — Ecos India Mobility and Hospitality Ltd and KRN Heat Exchanger Ltd.
The four companies, which filed their preliminary IPO papers between March and April, obtained Sebi's observation letters during July 22-26.
In Sebi's parlance, obtaining the observation letters means it's going ahead to float the public issue.
According to the Draft Red Herring Prospectus (DRHP), solar cell company Premier Energies' proposed IPO is a combination of a fresh issue of equity shares worth Rs 1,500 crore and an Offer For Sale (OFS) of up to 2.82 crore shares by a promoter and investors.
Under the OFS component, South Asia Growth Fund II Holdings LLC will divest 2.38 crore equity shares, South Asia EBT Trust will divest 1.53 lakh equity shares, and promoter Chiranjeev Singh Saluja will sell 42 lakh equity shares.
Proceeds from the fresh issue of Rs 1,168 crore will be used for investing in subsidiary Premier Energies Global Environment Private Ltd, to partially finance the establishment of a 4GW solar PV TOPCon (tunnel oxide passivated contact) cell and 4GW solar PV TOPCon module manufacturing facility in Hyderabad, and the remainder will be allocated towards general corporate purposes.
The Rs 1,100-crore IPO of jewellery retail chain P N Gadgil
