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As many as four companies, including Knack Packaging and Shivalaya Construction, have secured Sebi's approval to mobilise more than Rs 1,400 crore collectively through initial public offerings (IPOs), data with the markets regulator showed on Monday. Others which received regulatory nod are -- tiles and bathware maker Varmora Granito and Behari Lal Engineering. The four firms, which filed their preliminary IPO papers between August and September, obtained its observations during December 15-26. In Sebi's parlance, receipt of observations is equivalent to regulatory clearance to proceed with a public issue. On the other hand, Infifresh Foods, which filed its draft papers with Sebi in August using the confidential route, withdrew its prospectus, the update showed. According to the draft papers, packaging solutions provider Knack Packaging's IPO comprises fresh equity issue of Rs 475 crore, along with an offer for sale (OFS) of 70 lakh equity shares by promoters and an existing ...
Gujarat-based Narmadesh Brass Industries, a manufacturer of brass products, announced on Sunday that its Rs 44.8-crore initial public offering will open for public subscription on the BSE's SME platform on January 12. The initial public offering (IPO) will conclude on January 15. The company has fixed the IPO price at Rs 515 per share, Narmadesh Brass Industries said in a statement. The public issue is a mix of fresh issue of up to 7 lakh equity shares and an offer for sale of a little over 1.7 lakh shares, aggregating to Rs 44.87 crore. The net proceeds from the IPO will be utilised for repayment of debt, purchase of machinery and equipment, funding working capital requirements and general corporate purposes. "The net proceeds from the IPO will be utilised for purchasing advanced machinery and funding working capital requirements. These investments will enhance our manufacturing efficiency, expand our production capacity, and enable us to introduce new product lines to meet growin