The two companies, which filed preliminary IPO papers with Sebi in March, obtained “observation” letters from the regulator during July 18-22, an update with the markets watchdog showed on Monday.
In Sebi’s parlance, its observation implies its approval to float IPOs.
Going by the draft papers, Gujarat Polysol Chemicals is looking to raise ₹414 crore through its initial share sale.
The IPO comprises fresh issue of equity shares aggregating up to ₹87 crore and an offer-for-sale (OFS) of equity shares aggregating up to ₹327 crore by its promoters.
The company will use the net proceeds to retire debt and general corporate purposes.
As per the draft prospectus, the initial share-sale of PKH Ventures consists of fresh issuance of over 18.2 million and an OFS of 9.8 million equity shares by its promoter.
Proceeds of the issue will be used to invest in subsidiaries – Halaipani Hydro Project and Garuda Construction – funding long-term working capital requirements, for funding strategic acquisitions and investments, among others.
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