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Agricultural solutions company Advanta Enterprises Ltd on Monday filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), the proposed IPO will be entirely an Offer-for-Sale (OFS) of 3.61 crore equity shares, with no fresh issue component. The shares will be sold by the promoter, UPL Ltd, and by the investor shareholders, Melwood Holdings II Pte Ltd and KIA EBT Scheme 2. Currently, UPL holds a little over 64 per cent stake in the company, while UPL Corporation owns nearly 14 per cent. As the issue is fully an OFS, Advanta Enterprises will not receive any proceeds from the IPO, and the entire amount will go to the selling shareholders. Advanta Enterprises operates as a global agricultural solutions company focused on hybrid seeds and post-harvest products. The company develops, produces and sells locally adapted hybrid seeds designed to improve crop yields and farm-lev
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 ...