Two companies file for IPO to raise funds amid stock market crash – Reuters

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By Express press service

NEW DELHI: Amid the stock market crash, two companies filed paperwork with capital market regulator SEBI to raise funds. Mumbai-based Suraj Estate Developers has filed preliminary documents with SEBI to raise Rs 500 crore through an initial public offering (IPO) while Noida-based India Exposition Mart, a major integrated venue for exhibitions and agreements, has filed a preliminary prospectus with the regulator. to raise Rs 600 crore via IPO.

According to the Draft Redemption Prospectus (DRHP) filed by Suraj Estate Developers, the funds will be raised through a new issuance of shares.

He said the funds to the tune of Rs 315 crore will be used for loan payments of the company and its subsidiaries – Accord Estates, Iconic Property Developers and Skyline Realty. Around Rs 45 crore will be used for land acquisition or land development rights, in addition, the money will be used for general corporate purposes. At present, the promoter and the group of promoters own approximately 95% of the capital of the company. Centrum Capital and Anand Rathi Advisors are the books that lead managers to the question.

India Exposition Mart’s initial share sale includes a new issue of Rs 450 crore and an offer to sell (OFS) of 1.12 crore equity shares by the selling shareholders. Those offering shares in the SFO include Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, RS Computech, Navratan Samdaria, Dinesh Kumar Aggarwal and Pankaj Garg. The company has no promoter as all shareholders belong to the “public category”.

According to the sources, the company may consider a private placement of shares totaling up to Rs 75 crore. If such a pre-IPO placement is undertaken, the size of the new issue will be reduced. The filings by the two companies come at a time when the global stock market is experiencing a major crash.

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