SEBI returns DRHP of BVG India, Fincare Small Finance Bank

8 Mar 2023 , 10:24 AM

The markets regulator returned the draft papers of BVG India and Fincare Small Finance Bank.

The integrated services company, BVG India had filed DRHP with the Securities and Exchange Board of India (Sebi) in September 2021 to raise funds through an initial public offering (IPO).

The proposed IPO of the company comprises fresh issue of equity shares worth up to Rs 200 crore and an offer-for-sale (OFS) of up to 71,96,214 shares by promoters and private equity investor 3i Group.

In an another update, SEBI has also returned the preliminary papers of Fincare Small Finance Bank.

Last year in August, the company had refiled its preliminary papers with the markets regulator to raise funds through IPO as Sebi’s one-year approval given to the lender to launch the issue expired in July. As per the rules of SEBI, a firm gets one year to hit the primary market after receiving an approval from Sebi.

The IPO of Fincare Small Finance Bank comprises fresh issue of equity shares worth up to Rs 625 crore and an Offer For Sale (OFS) aggregating up to 1.7 crore equity shares by a promoter and investors selling shareholders.

As per the SEBI’s update, the markets watchdog has returned the IPO papers of both the companies on March 2 and March 3.