Sadbhav Infra, UFO Moviez get Sebi nod for IPO
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31 Mar 2015
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Two firms Sadbhav Infrastructure Projects and UFO Moviez India have received capital markets regulator Sebi's approval to raise funds worth Rs 600 crore and Rs 750 crore respectively through Initial Public Offers, reported PTI. These companies had filed their draft red herring prospectus (DRHP) with Sebi in December 2014 for the proposed public offers. Sebi had issued its final 'observations' on the draft offer documents of Sadbhav Infrastructure and UFO Moviez on March 26 and March 27 respectively, according to the latest update by the market watchdog. Issuance of 'observations' on offer documents by Sebi is considered as a clearance to the issuer to go ahead with the share issue through routes like IPOs, FPOs and rights issue. Sadbhav Infrastructure, a subsidiary of Sadbhav Engineering, plans to garner money through an IPO. The issue consists of a fresh issue of equity shares aggregating up to Rs 600 crore and an offer for sale of up to 1.61 crore equity shares each by Xander Investment Holding XVII Ltd and Norwest Venture Partners VII-A-Mauritius. Going by the details in the draft documents, UFO Moviez, India's largest digital cinema distribution network and in-cinema advertising platform in terms of numbers of screens, plans to raise around Rs 750 crore by selling shares of the existing shareholders. The selling shareholders include PE investors such as 3i Research (Mauritius) Ltd, P5 Asia Holding Investments (Mauritius) Ltd (P5) and promoters selling their partial holdings in the company. The funds raked in from the offer for sale would be received by the selling shareholders. Last month, as many as five companies had received Sebi's approval to launch their IPOs to fund business expansion and meet working capital requirements. |
| Source: Dion Global Type: IPO Related |
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