Balaji Solutions, Enviro Infra Engineers receive SEBI approval to float IPO

31 Jan 2023 , 01:33 PM

Balaji Solutions, IT hardware and mobile accessories firm and waste water treatment solution provider Enviro Infra Engineers have received approval from SEBI to raise funds through initial public offer route (IPO).

As per the update on Securities and Exchange Board of India (Sebi), the companies have filed their draft papers in August and September 2022, has received observation letter on January 23. 

As per the DRHP of Balaji Solutions, the issue consists of a fresh issue of equity shares worth up to Rs 120 crore and an offer-for-sale (OFS) of up to 75,00,000 equity shares by Promoter and selling shareholders, which comprises up to 15,00,000 by Rajendra Seksaria, up to 60,00,000 by Rajendra Seksaria HUF (“Selling Shareholders”). The offer will also include reservation for subscription by eligible employees.

The company will use net proceeds from fresh issue to fund incremental working capital requirements and for other general corporate purposes.

The company offers its products under its flagship brand ‘Foxin’.

 

Enviro Infra Engineers IPO consists of sale of 95 lakh equity shares with no OFS component, as per the draft papers. The company will use net proceeds to meet the working capital requirements and general corporate purpose.

Enviro Infra Engineers is engaged in designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities.