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Sembcorp Energy, Montecarlo get Sebi's go-ahead for IPO

Press Trust of India  |  New Delhi 

Sembcorp Energy India, an independent power producer, and construction company have received capital markets regulator Sebi's go ahead to float an initial public offer.

With this, the total number of companies getting Sebi's approval for initial public offer (IPO) has reached 39 so far this year.

Sembcorp Energy had approached the regulator in February seeking its clearance for the IPO, while had filed its draft papers with Sebi in May.

As per the latest update with Sebi, the regulator issued its "observations" to and Sembcorp Energy on July 31 and August 1, respectively.

Sembcorp Energy's IPO comprises fresh issue of shares worth up to Rs 4,095 crore and an offer for sale (OFS) of up to 14,67,74,194 equity scrips by the existing shareholders.

This includes sale of 12,89,41,129 shares by and up to 1,78,33,065 equity scrips by

Proceeds from the issue will be utilised towards repayment of certain indebtedness, and for other general corporate purposes, the company said.

Sembcorp Energy,which has thermal and renewable power assets in India, is promoted by the Singapore Exchange-listed

Axis Capital Credit Suisse Securities (India), CLSA India, and are global co-ordinators and book running lead managers to the offer, while is the to the public issue.

Montecarlo's initial share-sale consists of fresh issuance of shares worth Rs 450 crore besides an offer for sale of up to 30 lakh equity stocks by existing shareholder

Ahmedabad-based firm has more than two decades of execution experience having completed 67 (engineering, procurement, construction) projects.

According to merchant banking sources, the initial public offer (IPO) is expected to fetch Rs 550 crore.

Proceeds of the issue will be utilised towards investment in the company's projects, to meet working capital requirements and for other

Edelweiss Financial Services, Axis Capital and will manage the company's public issue.

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

First Published: Mon, August 06 2018. 18:00 IST