Schloss Bangalore, Ather Energy, 4 others get Sebi's nod to float IPO
IPO papers with Sebi from September 10 to 23 and obtained the regulator's observations on December 23-27, an update with the markets regulator showed on Monday. The companies are Ivalue Infosolutions Ltd, Ather Energy, Oswal Pumps, Quality Power Electrical Equipments, Fabtech Technologies and Schloss Bangalore Ltd.
In Sebi's parlance, obtaining observations means its go-ahead to float public issues.
The Rs 5,000-crore proposed IPO of Schloss Bangalore Ltd, which operates Leela Palaces Hotels & Resorts, is a combination of a fresh issue of equity shares worth Rs 3,000 crore and an offer for sale (OFS) of stocks valued at Rs 2,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd.
This could be the country's largest IPO in the hospitality sector.
Schloss Bangalore, which is backed by Brookfield Asset Management, said proceeds of the fresh issue will be used for repayment of loan availed by the company and its subsidiaries and for general corporate purposes.
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