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ASK Investment, Puranik Builders among 4 cos to get Sebi's nod for IPO

Press Trust of India  |  New Delhi 

As many as four companies, including firm and Puranik Builders, have received markets regulator Sebi's approval to float initial share-sales.

The other two companies are IT solutions firm and

obtained "observations" from the markets regulator on October 1, while the other three firms got the same on October 5, as per the latest update with (Sebi).

The regulator's observations are necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer and rights issue.

These four companies had approached Sebi between June and August, seeking its clearance to launch initial public offers.

Going by the draft papers, ASK Investment Managers' IPO comprises fresh issuance of shares worth up to Rs 600 crore besides an offer for sale of up to 1,35,69,405 shares by private equity company and 44 lakh stocks by promoter

The company plans a private placement of up to 43,95,865 equity shares, aggregating to Rs 300 crore.

According to the market sources, the company is aiming to raise Rs 2,000 crore through IPO.

Proceeds of the issue will be utilised towards investment in its subsidiary ASKFH to augment capital base for the non-banking company (NBFC) business and for other

ASK, backed by private equity firm Advent International, primarily caters to wealthy persons. As of March 2018, it had a network of 53 distributors across the country.

The initial share-sale of consists of fresh issue of shares worth Rs 810 crore and an offer for sale of up to 18,59,620 equity shares by the company's promoters and existing shareholders.

Proceeds of the issue will be utilised towards repayment of loan and other

The IPO is expected to fetch Rs 1,000 crore, said.

Nihilent's initial share-sale comprises fresh issuance of shares worth up to Rs 250 crore, besides an offer of sale of around 21,25,599 equity stocks by promoter group entity Vastu IT.

Funds garnered through the issue would be utilised for replacement and up gradation activities to fund inorganic growth and for setting up of a user experience laboratory as well as a media laboratory, among others.

Muthoot Microfin, part of the Muthoot Pappachan Group, IPO comprises fresh issue aggregating up to Rs 500 crore and an offer for sale of up to 16,310,072 equity shares.

is focussed on providing micro loans to women customers predominantly in rural areas.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 08 2018. 18:05 IST