Explorer

Fincare Small Finance Bank, Western Carriers Get SEBI Nod For IPOs

The two companies, which filed preliminary IPO papers with the SEBI between May and June, obtained the regulator's observation letters during September 15-22

Fincare Small Finance Bank Ltd and logistics company Western Carriers (India) Ltd have received approval from the markets regulator Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offerings (IPOs). The two firms, which filed preliminary IPO papers with the SEBI between May and June, obtained the regulator's observation letters during September 15-22, an update with the watchdog showed on Tuesday. In SEBI's parlance, obtaining its observation letter means its clearance to float the public issue.

According to the draft paper, Fincare Small Finance Bank's IPO comprises a fresh issue of equity shares worth up to Rs 625 crore and an Offer For Sale (OFS) aggregating up to 1.7 crore equity shares by a promoter and investors. Those selling shares in the OFS are promoter Fincare Business Services Ltd, and investors Wagner, True North Fund V LLP, Indium IV (Mauritius) Holdings Ltd, Omega TC Holdings PTE Ltd and Leapfrog Rural Inclusion (India) Ltd.

Besides, Kotak Mahindra Life Insurance Company, Edelweiss Tokio Life Insurance Company, Bharti AXA Life Insurance Company, Silver Leaf Oak (Mauritius) Ltd, Tata Capital Financial Services Ltd and Zuno General Insurance (formerly known as Edelweiss General Insurance Company) are the investors selling shares in OFS.

The bank would utilise net proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet future capital requirements.

Western Carriers' IPO consists of a fresh issue of equity shares aggregating up to Rs 500 crore and an OFS of up to 93.29 lakh equity shares by promoter Rajendra Sethia, according to the Draft Red Herring Prospectus (DRHP).

The Kolkata-based firm said that proceeds from the fresh issue will be used towards prepayment of certain outstanding borrowings, capital expenditure funding, and general corporate purposes. Shares of both companies will be listed on the BSE and NSE. 

ALSO READ | Income Tax Department Issues ‘Angel Tax’ Rules For Valuing Investments In Start-ups

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Maharashtra Election Results: Eknath Shinde King Or Kingmaker? Shiv Sena Sources Say...
Maharashtra Results: Eknath Shinde King Or Kingmaker? Shiv Sena Sources Say...
Chhattisgarh: 10 Naxals Killed In Encounter With Security Forces In Sukma
Chhattisgarh: 10 Naxals Killed In Encounter With Security Forces In Sukma
High Alert In Sambhal Ahead Of Friday Prayers After Jama Masjid Survey
High Alert In Sambhal Ahead Of Friday Prayers After Jama Masjid Survey
Rs 21 Crore In 5 Years Not Enough To Maintain Haryana Ministers' Bungalows, More Funds Approved For 'Repairs'
Rs 21 Crore In 5 Years Not Enough To Maintain Haryana Ministers' Bungalows, More Funds Approved For 'Repairs'
Advertisement
ABP Premium

Videos

India Emerges as G20's Growth Leader, Check Out the Latest GDP Rankings | ABP NewsAirtel-Nokia Partnership: Nokia’s Spectacular Comeback, Shakes Up the Telecom Sector | ABP NewsAdani Group in Turmoil: Bribery Scandal Rocks Shares, Plunge by 20% | ABP NewsPLI Scheme: Transforming India's Manufacturing Sector into a Global Powerhouse

Photo Gallery

Embed widget