Stocks

SEBI approves IPO proposals of Shriram Properties, two others

Our Bureau Mumbai | Updated on June 22, 2021

GR Infraprojects intends to raise about ₹800-1,000 crore, Clean Science about ₹1,400 crore and Shriram Properties proposes up to ₹800 crore

The market regulator has approved the proposals of three firms - GR Infraprojects Ltd, Clean Science and Technology and Shriram Properties – to raise funds through Initial Public Offerings (IPOs).

Udaipur-based GR Infraprojects intends to raise about ₹800-1,000 crore, Clean Science and Technology about ₹1,400 crore and Bengaluru-based Shriram Properties proposes to raise up to ₹800 crore.

The companies had filed Draft Red Herring Prospectus with Sebi in April.

GR INFRAPROJECTS

GR Infraprojects, a road engineering, procurement and construction (EPC) company, will raise about ₹₹800-1,000 crore through an entire Offer For Sale (OFS) of about 1.15 crore shares, sources close to the development said.

The selling shareholders include Lokesh Builders, Jasamrit Premises, Jasamrit Fashions, Jasamrit Creations and India Business Excellence Fund 1.

HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets and Equirus Capital are the book running lead managers to the issue. KFin Technologies is the registrar to the offer.

CLEAN SCIENCE AND TECHNOLOGY

Speciality chemicals manufacturer Clean Science and Technology also intends to raise ₹1,400 crore entirely through an OFS mode.

The share sale by the company’s promoters include Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi and Parth Ashok Maheshwari.

Clean Science manufacturers speciality chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals.

Started in 2006, the company has multiple manufacturing facilities in Kurkumbh, MIDC Maharashtra.

SHRIRAM PROPERTIES

Shriram Properties intend to raise up to ₹800 crore through its IPO, of which ₹250 crore would be through a fresh issue of shares and ₹550 crore through OFS.

The IPO would see partial exits of its four existing investors -- TPG Capital, Tata Capital, Walton Street Capital and Starwood Capital -- hold together around 58 per cent stake in the company.

Shriram Properties proposes to utilise the net proceeds from the fresh issue towards repayment of debt and general corporate purposes.

Published on June 22, 2021

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