Chemplast Sanmar, Tatva Chintan Pharma Chem gain Sebi nod for IPOs

NEW DELHI: Chemplast Sanmar and Tatva Chintan Pharma Chem have obtained capital markets regulator Sebi's high-tail ahead to spice up Rs 3,950 crore collectively thru preliminary section gross sales.

Chennai-based Chemplast Sanmar filed preliminary IPO papers in Can even to spice up Rs 3,500 crore, while enviornment of abilities chemical manufacturing firm Tatva Chintan Pharma Chem approached Sebi with its draft papers in April to garner Rs 450 crore thru its preliminary public offering (IPO).

Chemplast Sanmar and Tatva Chintan Pharma Chem bought Sebi's observations on July 2 and June 30 respectively, an replace with Sebi showed on Monday.

Sebi's observations are important for any firm to initiate public concerns adore IPO, apply on public offer (FPO) and rights wretchedness.

Going by the draft papers, Chemplast Sanmar's Rs 3,500 crore IPO contains new wretchedness of equity shares worth Rs 1,500 crore and an offer for sale of Rs 2,000 crore.

The offer for sale contains sale of shares worth Rs 1,850 crore by Sanmar Holdings Ltd and Rs 150 crore by Sanmar Engineering Services and products Ltd.

Chemplast Sanmar is a main enviornment of abilities chemicals producer with level of curiosity on enviornment of abilities paste PVC (polyvinyl chloride) resin and custom manufacturing of beginning materials and intermediates for pharmaceutical, agro-chemical and ravishing chemicals sectors.

The firm would utilise an combination amount of Rs 1,238.25 crore from the find proceeds towards early redemption of the non-convertible debentures (NCDs) issued by it. The funds will additionally be old model for frequent corporate functions.

"The early redemption of the NCDs in paunchy could lend a hand slit our prominent in indebtedness and debt servicing charges, lend a hand us in asserting a favourable debt to equity ratio and permit utilisation of our internal accruals for extra investment in industry articulate and expansion," the draft papers notorious.

"As properly as, we deem that our improved leverage ratio, consequent to such redemption of NCDs, will crimson meat up our skill to spice up debt within the atomize to fund doable industry pattern opportunities and plans," it added.

ICICI Securities, Axis Capital, Credit score Suisse Securities (India) Non-public Ltd, IIFL Securities, Ambit, BOB Capital Markets, HDFC Bank, IndusInd Bank and Certain Securities are the merchant bankers to the wretchedness.

Tatva Chintan Pharma Chem's IPO contains new issuance of equity shares worth Rs 225 crore and an offer of sale to the tune of Rs 225 crore by existing promoters and shareholders, as per the draft crimson herring prospectus (DRHP).

Proceeds from the new wretchedness would be old model towards funding capital expenditure requirements for expansion of the firm's Dahej manufacturing facility; upgradation of R&D facility in Vadodara; and frequent corporate functions.

Vadodara-based Tatva Chintan is a enviornment of abilities chemical manufacturing firm. It exports most of its products to over 25 worldwide locations, along side the US, China, Germany, Japan, South Africa and the UK.

ICICI Securities and

book working lead managers to the wretchedness.

The equity shares of the 2 corporations will likely be listed on NSE and BSE.

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