International Development News
Development News Edition

IREDA, Shyam Steel get Sebi's go ahead to launch IPO


IREDA, Shyam Steel get Sebi's go ahead to launch IPO

State-owned Indian Renewable Energy Development Agency (IREDA) and Kolkata-based firm Shyam Steel Industries have received markets regulator Sebi's approval to float initial public offerings. IREDA, which filed its draft IPO papers with the regulator in July, received its observations on September 27, latest update with the Securities and Exchange Board of India (Sebi) showed.

Shyam Steel has got observations of the markets watchdog on September 20. It had approached Sebi with its IPO papers in June. The observations are very important to any company for launching public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.

As per the draft papers, the IREDA's IPO comprises sale of 13.9 crore shares or about 15 per cent stake of the company. The issue includes a reservation of up to 6.95 lakh equity shares for the employees. Earlier in December 2017, the company had filed its IPO and had received a go-ahead from the regulator in February 2018. However, the state-owned firm could not launch their share sales due to tepid market condition.

IREDA, a public financial institution established in March 1987, is registered as a non-banking financial company with the Reserve Bank of India. Since its inception, it has played a key role in supporting and facilitating the policies and programme of the Ministry of New and Renewable Energy. Shyam Steel's IPO consists of fresh issue of up to Rs 200 crore and an offer for sale of up to 66.70 lakh shares, comprising up to 11.60 lakh shares by the promoter and up to 55.09 lakh shares by other shareholders, according to the Draft Red Herring Prospectus (DRHP).

Merchant banking sources said the IPO size is estimated to be around Rs 500 crore. It plans to utilise the net proceeds towards repayment of certain borrowings of the company as well as its subsidiary Shyam Steel Manufacturing and for other general corporate purposes.

Shyam Steel is a thermo mechanically treated rebar (TMT Rebar) player having integrated steel plants. The company operates all its steel manufacturing plants in West Bengal.

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


TRENDING

OPINION/BLOG/INTERVIEW

'No escape from telephones', this 1953 prediction actually comes true

In 1953, a telephone company chief predicted that therell be no escape from telephones in the future....

With Ayodhya verdict, CJI starts clearing high profile pending cases

Ending all the speculations, the Chief Justice of India Mr. Ranjan Gogoi who is due to retire on November 17 decided to deliver the verdict in Ayodya dispute at 10.30 am on Saturday which is not a working day for the Supreme Court. This is ...

How partnerships and collaborations could enhance teacher training

Monica Malhotra Kandhari, Managing Director, MBD Group shares her views on public private partnership and collaborations in education sector. She supports her propositions with her organisations success stories....

Fixed Test centers would facelift level of WTC in India

The venues for the test matches in India should be fixed so that World Test Championship matches remain fair....

Videos

Latest News

Florida judge draws town's wrath over school violence case

Macclenny Florida, Nov 17 AP Residents in a rural northern Florida community are fuming over a judges recent decision to dismiss a case against a 15-year-old who shared a six-page School Shooting Plan with a classmate. Anxieties spread acro...

UPDATE 4-White House budget official testifies in impeachment probe on Saturday

A White House budget official testified on Saturday about the holdup of military aid to Ukraine in a closed door session of the U.S. House of Representatives impeachment inquiry of President Donald Trump, with public hearings set to resume ...

UPDATE 5-Paris police use tear gas, water cannon on 'yellow vest' protests anniversary

Demonstrators torched cars and pelted police with stones and bottles and police fired tear gas and water cannon in Paris on Saturday as rallies to mark the first anniversary of the anti-government yellow vest demonstrations erupted into vio...

Soccer-Kessie on the spot to seal Ivory Coast win over Niger

AC Milan midfielder Franck Kessie scored a second-half penalty as Ivory Coast laboured to a 1-0 victory over Niger in their opening 2021 Africa Cup of Nations Group K qualifier in Abidjan on Saturday. It was the second spot-kick of the game...

Give Feedback