SEBI has returned the draft papers of Fincare Small Finance Bank. (file)
New Delhi:
Markets regulator SEBI has returned the initial IPO papers of two companies – BVG India and Fincare Small Finance Bank India.
Integrated services company BVG India Limited filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in September 2021 to raise funds through an initial public offering (IPO).
The firm’s proposed IPO comprises fresh issue of equity shares up to Rs 200 crore and offer for sale (OFS) of up to 71,96,214 shares by promoters and private equity investor 3i Group.
In another update on SEBI’s website, the market watchdog has returned the draft papers of Fincare Small Finance Bank.
In August last year, the company had resubmitted its preliminary papers with the market regulator to raise funds through an IPO as Sebi’s one-year approval to the lender expired in July.
Under the rules, a firm gets one year to enter the primary market after getting approval from SEBI.
If a firm fails to launch the IPO during this period, it will have to re-file the prospectus with SEBI to seek fresh approval.
The lender’s IPO includes a fresh issue of equity shares up to Rs 625 crore and an offer for sale (OFS) by a promoter and sell-side investors aggregating 1.7 crore equity shares.
In May 2021, the lender had filed draft papers with the market watchdog to raise Rs 1,330 crore through an IPO, after which it got Sebi’s nod to float the issue in July, but did not launch it.
The markets regulator has returned the draft papers of BVG India and Fincare Small Finance Bank India on March 2 and March 3 respectively, Sebi showed an update on Monday.
According to a separate update, infrastructure company R&B Infra Projects has received SEBI’s nod for its proposed initial public offer.
The regulator has given the final observation letter on March 3 for this.
In the language of SEBI, the final observation letter means the green signal to the public issue.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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