Sebi approves IPOs of Pristine Logistics -; Infraprojects, Deltatech Gaming

4 Oct 2022 , 10:16 AM

Pristine Logistics & Infraprojects Limited, based in Delhi, and Deltatech Gaming Limited, a digitally native, technology-led gaming platform, have received approval from capital markets regulator Sebi to seek funds through initial public offerings (IPOs).

The Securities Exchange Board of India (Sebi), which received preliminary IPO papers from Pristine Logistics & Infraprojects and Deltatech Gaming in May and June, respectively, issued observation letters to the companies on September 30. On Monday, the market watchdog provided an update.

According to the draft papers, Pristine Logistics & Infraprojects’ IPO consists of a fresh issue of Rs250 crore and an offer by the promoters and current shareholders to sell up to 20,066,269 equity shares.

India Infrastructure Fund II will offer up to 17,779,067 equity shares as part of OFS, as well as up to 600,000 equity shares from Amit Kumar, up to 652,175 equity shares from Sanjay Marwar, up to 652,175 equity shares from Rajnish Kumar, as well as up to 96,500 equity shares from Durgesh Govil, up to 52,175 equity shares from Jyoti Kumar, and up to 136,500 equity shares from Renu Govil

The proceeds from its new issuance in the amount of Rs175 crore will be used for general corporate purposes as well as the repayment or prepayment of borrowings, in full or in part, on all or specific borrowings utilized by its subsidiaries.

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