Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, has secured approval from Sebi to raise an estimated Rs 9,000-10,000 crore through an initial public offering (IPO), an update with the regulator showed on Friday.
Besides Avaada Electro, textile firm Sonaselection India and Chennai-based Grand Housing have also received Sebi’s approval to float their maiden public issues.
According to the update, the three companies received the regulator’s observations between April 15 and April 17.
In Sebi parlance, issuance of observations implies its go-ahead to launch public offerings.
Avaada Electro had filed its preliminary IPO papers with Sebi in October through the confidential route. The proposed IPO is expected to comprise a combination of a fresh issue of shares and an offer for sale (OFS) by existing shareholders.
According to people familiar with the development, the company is targeting to raise Rs 9,000-10,000 crore, which could value it in the rangAvaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, has secured approval from Sebi to raise an estimated Rs 9,000-10,000 crore through an initial public offering (IPO), an update with the regulator showed on Friday.
Besides Avaada Electro, textile firm Sonaselection India and Chennai-based Grand Housing have also received Sebi’s approval to float their maiden public issues.
According to the update, the three companies received the regulator’s observations between April 15 and April 17.
In Sebi parlance, issuance of observations implies its go-ahead to launch public offerings.
Avaada Electro had filed its preliminary IPO papers with Sebi in October through the confidential route. The proposed IPO is expected to comprise a combination of a fresh issue of shares and an offer for sale (OFS) by existing shareholders.
According to people familiar with the development, the company is targeting to raise Rs 9,000-10,000 crore, which could value it in the rang Latest News [ SOBAN NEWS: International and National ]
