Environmental engineering solutions provider Concord Enviro Systems has been given the all-clear by Sebi to raise money through an IPO (IPO). According to the draft red herring prospectus, the planned IPO includes a fresh issuance of equity shares worth 175 crore and an offer-for-sale (OFS) of 35 million shares by the promoters and an investor (DRHP).
According to the draft papers, money raised from the new issuance will be invested in the company’s subsidiary Concord Enviro FZE to help pay for the development of an assembly facility in the Sharjah International Airport Free Zone.
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