Consumer electronics retailer Sathya Agencies, transformer manufacturer Kanohar Electricals, and city gas distributor Torrent Gas have received approval from the Securities and Exchange Board of India (SEBI)to launch their initial public offerings (IPOs), according to an update published by the regulator on Thursday, 25 June.
Sathya Agencies and Kanohar Electricals had filed their draft IPO papers with Sebi in March and January, respectively, while Torrent Gas submitted its draft documents through the confidential filing route in March.
The regulator issued its observations between 22 June and 25 June, marking the final approval required to proceed with the public issues.
Sathya Agencies plans ₹600 crore IPO
Sathya Agencies is looking to raise ₹600 crore through its IPO, comprising a fresh issue of equity shares worth ₹300 crore and an offer-for-sale (OFS) of shares worth ₹300 crore by its promoters.
Under the OFS, promoters Johnson Asaria, J. John Sathya, and Charles Packiaraj will each sell equity shares worth ₹100 crore.
The company intends to use the proceeds from the fresh issue to repay or prepay certain borrowings, fund part of the acquisition cost of its subsidiary Unilet Appliances Private Limited, and meet general corporate requirements.
Kanohar Electricals to raise funds for expansion
Kanohar Electricals’ proposed IPO comprises a fresh issue of up to ₹300 crore of shares and an OFS of 1.45 crore equity shares by the promoter, K Sons Family Trust.
The company plans to deploy the proceeds from the fresh issue towards business expansion and working capital requirements. The funds will be used to purchase new machinery and equipment for its Gangol manufacturing facility, undertake civil and interior works for an office building, strengthen backward integration and automation, and support sustainability initiatives such as installing solar power plants and procuring electric vehicles for material movement within its factory premises.
Torrent Gas files IPO through confidential route
Torrent Gas, which operates in the city gas distribution business, has also secured Sebi’s approval for its IPO after filing its draft papers through the confidential pre-filing route.
The confidential filing mechanism enables companies to submit draft offer documents to Sebi for regulatory review without immediately disclosing commercially sensitive information to the public, allowing greater flexibility before formally launching the issue.
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