The three companies, which filed their preliminary IPO documents with SEBI between March and May, obtained their observation letters on August 30.
In SEBI parlance, getting a notice letter from the regulator means you have the green light to launch public issues.
According to the draft red herring prospectus (DRHP), SK Finance’s proposed IPO is a combination of a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of up to Rs 1,700 crore by promoters and investor shareholders.
As part of the OFS, Norwest Venture Partners X-Mauritius and TPG Growth IV SF PTE Ltd will sell shares worth Rs 700 crore each, Evolvence Coinvest I will sell shares worth Rs 75 crore and Evolvence India Fund III Ltd will sell shares worth Rs 25 crore.
Additionally, the promoters, Rajendra Kumar Setia and Rajendra Kumar Setia HUF, will sell shares totalling Rs 180 crore and Rs 20 crore respectively.
Jaipur-based SK Finance plans to use the proceeds from the fresh issue to augment the capital base to meet the company’s future business needs for future borrowings and for general corporate purposes.
Belstar Microfinance’s IPO is a combination of a fresh issue of equity shares worth Rs 1,000 crore and an OFS of Rs 300 crore by investor shareholders, according to preliminary documents.
As part of the SFO, Danish asset management firm MAJ Invest is aiming to sell shares worth Rs 175 crore, followed by Arum Holdings Ltd (Rs 97 crore) and Augusta Investments Zero Pte Ltd (Rs 28 crore).
MAJ Invest first invested in Belstar Microfinance in 2018 and again in 2022.
Currently, Muthoot Finance, one of the promoters, holds a stake of just over 66% in Belstar Microfinance.
The proceeds of the fresh issue worth Rs 760 crore will be used to meet future capital requirements for subsequent borrowings and the remaining amount will be used for general corporate purposes.
Transrail Lighting’s first public issue comprises a fresh issue of equity shares worth Rs 450 crore and an OFS of over 1 million equity shares by a promoter, Ajanma Holdings Pvt Ltd.
Currently, promoters hold over 86% stake in the Mumbai-based company.
The proceeds of the fresh issue amounting to Rs 250 crore will be used to fund additional working capital requirements, Rs 90.90 crore to support capital expenditure and the balance for general corporate purposes.
Shares of these companies will be listed on the BSE and NSE.
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