Amber Enterprises gets Sebi's go ahead for IPO

Appliance maker Amber Enterprises has received Sebi's approval to raise an estimated Rs 555 crore through an initial share-sale offering, latest update with the markets regulator showed.
The firm had filed draft prospectus with Securities and Exchange Board of India (Sebi) on September 29 and received its "observations" on December 5, which is necessary for any company to launch public offer.
The Gurugram-based Amber Enterprises manufactures air- conditioners. Besides, it makes refrigerator components, water purifiers and washing machines.
Going by the draft papers, Amber Enterprises' IPO comprises fresh issue of equity shares worth Rs 450 crore and sale of scrips to the tune of Rs 105 crore by promoters Jasbir Singh and Daljit Singh.

The company plans to use the proceeds for repayment and advance payment of certain loans and for other general corporate purposes.
Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas will manage the company's initial public offer (IPO).