Jyoti CNC, BLS E-Services, Popular Vehicles IPOs Approved by Sebi

New Delhi, Dec 20 (PTI) Three companies -- Jyoti CNC Automation Ltd, BLS E-Services Ltd, and Popular Vehicles and Services Ltd -- received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs).

These companies, which filed their preliminary IPO papers with Sebi between August and October, obtained observation letters from the regulator during December 12-15, an update by the markets watchdog showed on Wednesday.

In Sebi's parlance, obtaining its observation letter means its go-ahead to float the public issue.

According to the draft paper, Jyoti CNC Automation is looking to raise Rs 1,000 crore entirely through a fresh issue of equity shares with no offer for sale (OFS) component.

Proceeds from the issue would be used for debt payment, funding long-term working capital requirements of the company, and general corporate purposes.

Jyoti CNC Automation is one of the leading manufacturers of computer numerical control (CNC) machines and has customers in varied sectors.

BLS E-Services Ltd's IPO comprises a fresh issue of 2.41 crore equity shares with no OFS component, the draft papers showed.

Proceeds of the issue will be utilised for strengthening technology infrastructure to develop new capabilities and consolidating existing platforms.

In addition, fresh capital will be used for funding initiatives for organic growth by setting up BLS Stores, achieving inorganic growth through acquisitions, and general corporate purposes.

The company is a subsidiary of BLS International Services Ltd which offers visa and consular services.

The IPO of Popular Vehicles and Services comprises fresh issuance of equity shares worth Rs 250 crore and an OFS of 1.42 crore equity shares by Banyantree Growth Capital II, LLC.

Proceeds of the fresh issue will be used for payment of debt and general corporate purposes.

The Kerala-based company is engaged in automotive dealerships. It operates passenger vehicle dealerships of Maruti Suzuki, Honda, and JLR and the commercial vehicle dealership of Tata Motors.

The equity shares of the companies will be listed on the BSE and NSE.