Canara Robeco, Hero Motors Get Sebi Nod for IPOs

New Delhi, Sep 15 (PTI) Six firms, including Canara Robeco Asset Management Company and Hero Motors, have secured Sebi's approval to launch maiden public offers, an update with the markets regulator showed on Monday.

Besides, Pine Labs, Orkla India, Manipal Payment and Identity Solutions and Emmvee Photovoltaic Power received regulatory nod to float IPOs.

These companies, which filed their preliminary IPO papers with Sebi between April and July, obtained Sebi's observations during September 2-12, the update showed.

In regulatory terms, Sebi's observation is equivalent to clearance for launching a public issue.

Canara Robeco AMC's 4.98 crore equity shares IPO is solely an offer-for-sale (OFS) by promoters Canara Bank and ORIX Corporation Europe NV, with no fresh issue component.

As a part of the OFS, Canara Bank plans to offload 2.59 crore equity shares and ORIX Corporation NV (earlier known as Robeco Groep NV) will be selling 2.39 crore shares.

The entire IPO proceeds will go to these selling shareholders and the company will not receive any money from the public offering.

Auto parts maker Hero Motors is looking to raise Rs 1,200 crore through its IPO comprising a fresh issue of equity shares worth Rs 800 crore and OFS of shares worth Rs 400 crore by promoters.

Under the OFS, O P Munjal Holdings will be offloading shares to the tune of Rs 390 crore; and Bhagyoday Investments and Hero Cycles will divest shares valued Rs 5 crore each.

Proceeds from the fresh issue to the extent of Rs 285 crore will be used for payment of debt, and Rs 237 crore for the purchase of equipment for capacity expansion at the company's facility in Gautam Buddha Nagar, Uttar Pradesh.

All the six companies will list on the BSE and NSE.