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SEBI Greenlights IPOs for Four Major Firms, Returns Drafts for Others in Strategic Move

SEBI approved IPOs for PN Gadgil Jewellers, KRN Heat Exchanger, Ecos India Mobility, and Premier Energies for expansion and debt repayment, while returning drafts for four other firms.
SEBI Greenlights IPOs for Four Major Firms, Returns Drafts for Others in Strategic Move

SEBI approved IPOs for PN Gadgil Jewellers, KRN Heat Exchanger, Ecos India Mobility, and Premier Energies, indicating use of funds for corporate expansion and debt repayment. However, it returned the draft prospectus documents of Vishal Mega Mart, Avanse Financial Services, Sai Life Sciences, and BMW Ventures.

PN Gadgil Jewellers plans to issue fresh shares worth Rs 850 crore and an offer for sale of Rs 250 crore. Funds are earmarked for opening new stores in Maharashtra, debt repayment, and other corporate purposes. They are recognized as the second-largest organised jewellery retailer in Maharashtra.

KRN Heat Exchanger’s IPO will consist solely of a fresh issue of 1.6 crore equity shares, aiming to fund a new manufacturing facility for HVAC products in Neemrana, Rajasthan. This aligns with their specialisation in fin and tube-type heat exchangers.

Ecos India Mobility’s offering includes an offer for sale of 18 million shares, half of which are from major stakeholders Rajesh and Aditya Loomba. The firm has over 25 years of experience providing corporate car rental and employee transport services to major clients.

Premier Energies’ IPO features a fresh issue and an offer for sale, aiming to raise Rs 1500 crore. This will partly finance a new 4 GW Solar PV manufacturing facility in Hyderabad, supporting their growth in the renewable energy sector and other corporate activities.

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