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With this, the total number of companies receiving approval for the IPO has reached 11 so far this year.
The companies had filed their draft papers with Sebi between December and January.
Sebi's 'observations' is necessary for any company planning to launch pubic issues like rights issue and initial public offer (IPO).
Going by the draft papers, Patel Infra's IPO will see sale of equity shares worth Rs 4 billion.