Au Financiers and PSP Projects get SEBI nod for IPOs
DSIJ Intelligence / 29 Mar 2017
Au Financiers and PSP Projects have received markets regulator Securities and Exchange Board of India's (SEBI) approval for initial public offerings.
Au Financiers and PSP Projects have received markets regulator Securities and Exchange Board of India's (SEBI) approval for initial public offerings.
These companies had filed draft red herring prospectus (DRHP) with SEBI in February 2017 and December 2016, respectively. The market regulator has given its approval to Au Financiers on March 22, while PSP Projects received it on March 24.
Au financiers' IPO comprises sale of 53,422,169 shares by the existing shareholders, which include promoters and the promoter group. The company is expected to garner Rs 800 crore to Rs 1000 crore.
Going forward, Au financiers intends to expand and strengthen its business model to offer a diverse suite of banking products and services to create a successful new small finance bank.
PSP Projects' public issue comprises fresh issue of up to 72 lakh equity shares and offer for sale of up to 28.8 lakh shares by existing shareholders. The company’s proceeds from the fresh issue will be utilised towards funding working capital requirements and for general corporate purposes.
Karvy Investor Services and Motilal Oswal Investment Advisors will manage the company's maiden public offer.
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