The Securities and exchange board of India (Sebi) gave approval to Torrent Gas, Sathya Agencies and Kanohar Electricals to raise capital from the primary market by launching their initial public offer (IPO). While the nature of the Torrent Gas issue was not disclosed by the company, the other two public issues will be a combination of fresh issuance and offer for sale (OFS).
Fundraising Breakdown
Tamil Nadu-based consumer durables and electronics-focused retail player Sathya Agencies issue will try to raise Rs 600 crore from the market. The issue will have fresh issuance of shares of Rs 300 crore while the shares of Rs 300 crore will be sold by promoters Johnson Asaria, J John Sathya and Charles Packiaraj. Anand Rathi Advisors and Motilal Oswal Investment Advisors will be the book running lead managers of the issue.
Meerut-based transformer manufacturer Kanohar Electricals issue will have a fresh issuance of shares of Rs 300 crore alongside its promoter K Sons Family Trust selling 14.59 million shares of undisclosed value. Nuvama Wealth Management and IIFL Capital Services will be the book running lead managers of the issue.
Launch Windows
Both Sathya Agencies and Kanohar Electricals will have one year to launch their public issue while Torrent Gas will have to launch its public issue within the next 18 months.