Tata Technologies, SBFC Finance and Gandhar Oil Refinery get SEBI approval to float IPO

27 Jun 2023 , 01:58 AM

The markets regulator Securities & Exchange Board of India (SEBI) has given approval to Tata Technologies, SBFC Finance and Gandhar Oil Refinery to raise funds through initial public offer. 

In March, Tata Tech submitted draft papers to SEBI. The long-awaited offering consists of a complete offer for sale (OFS) of up to 95.71 million shares. The shares will be sold by existing promoters and shareholders, with Tata Motors offering up to 81.13 million shares, Alpha TC Holdings Pte selling 9.72 million shares, and Tata Capital Growth Fund I offering up to 4.86 million shares.

According to the Draft Red Herring Prospectus (DRHP), the upcoming issue by the company is exclusively an Offer For Sale (OFS). In this offering, the company intends to sell up to 9.57 crore equity shares, which represents approximately 23.60% of its paid-up share capital. 

The lead managers appointed for the issue are JM Financial Ltd, BofA Securities, and Citigroup Global Markets India Pvt Ltd.

SBFC Finance IPO

The company has refiled its DRHP in March 2023 by reducing the size from Rs 1600 crore to Rs 1200 crore. The IPO comprises fresh issue of equity shares worth Rs 750 crore and an offer for sale of Rs 450 crore.

SBFC Finance will use the fresh issue towards augmenting its capital base and other general corporate purposes.

ICICI Securities Limited, Axis Capital Limited, and Kotak Mahindra Capital Company Limited are the merchant bankers to the issue.

Gandhar Oil Refinery

Gandhar Oil Refinery Ltd’s IPO, for which the necessary documents were submitted in December 2022, includes a fresh issue of Rs 357 crore and an offer for sale (OFS) of up to 1.2 crore shares by promoters and shareholders.

As stated by the company, the funds raised through the fresh issue will be utilized for debt repayment and the procurement of equipment and infrastructure necessary for expanding the capacity of automotive oil production at their Silvassa plant.

Edelweiss Financial Services and ICICI Securities are the merchant bankers for the IPO.