NTPC Green Energy and Avanse Financial Services have received approval from SEBI for their upcoming IPOs, while VMS TMT has decided to withdraw its IPO plans. SEBI issued observation letters for NTPC Green on October 22 and Avanse Financial Services on October 23, allowing them to launch their IPOs within the next year.
NTPC Green Energy, a subsidiary of NTPC, plans to raise Rs 10,000 crore through a fresh issue, with Rs 7,500 crore to be used for debt repayment and the rest for general corporate purposes. The company had Rs 16,235 crore in outstanding debt as of July 2024.
Avanse Financial Services, backed by Kedaara Capital, aims to raise Rs 1,000 crore through a fresh issue and Rs 2,500 crore via an offer-for-sale. The offer-for-sale will include shares sold by promoter Olive Vine Investment and other investors like International Finance Corporation and Kedaara Capital. The funds will be used to strengthen its capital base to support future growth.
Meanwhile, VMS TMT, a Gujarat-based TMT bars manufacturer, withdrew its IPO plans on October 23 after initially filing for a public issue of 1.5 crore shares in late September.
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Source: Moneycontrol
News Desk
