Jaikumar Constructions gets Sebi's go-ahead to launch IPO

In addition, the company intends to strengthen its capital base and expects to receive the benefits of listing of the equity shares on stock exchanges. Aryaman Financial Services and Galactico Corporate Services are the lead managers of the issue.

Real estate developer Jaikumar Constructions has received markets regulator Sebi's go-ahead to float an initial public offering. The IPO will see sale of 79 lakh equity shares of the company, the draft red herring prospectus (DRHP) with the regulator showed.

The company, which filed draft papers with Sebi in June, obtained its observations on September 10, latest updated with Sebi showed. Sebi's observations are very necessary for any company to launch public issues like initial public offer, follow-on public offer and rights issue.

Proceeds of the IPO will be utilized for development of phase 1 of residential project Parksyde Nest in Nashik, further investment in subsidiary for part-financing the construction of "Parksyde Business Avenue", repayment of outstanding unsecured loans and general corporate purposes. In addition, the company intends to strengthen its capital base and expects to receive the benefits of listing of the equity shares on stock exchanges.

Aryaman Financial Services and Galactico Corporate Services are the lead managers of the issue. Shares of the company are proposed to be listed on BSE and NSE..

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)