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Northern Arc Capital and Shree Tirupati Balajee Agro Trading Company have received the regulatory nod to launch an initial public offering (IPO).
The two companies received the observation letter from the Securities and Exchange Board of India on July 12. It is valid for one year.
In addition, 20 draft documents are under process and clarifications have been sought from 18 others, including Hyundai Motor India, Swiggy, and NSDL.
According to the draft prospectus filed with SEBI in February, non-banking financial services firm Northern Arc Capital’s IPO will consist of a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of up to 2.1 crore equity shares.
The selling shareholders include LeapFrog Financial Inclusion India (II), Accion Africa-Asia Investment Company, Augusta Investments II, Eight Roads Investments Mauritius II, Dvara Trust and 360 One Special Opportunities Fund.
Madhya Pradesh-based Shree Tirupati Balajee Agro Trading Company’s IPO comprises a fresh issue of 1.3 crore equity shares by the company and an OFS of 36.45 lakh equity shares by promoter Binod Kumar Agarwal.
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